April 2, 2016
$331M to Spur LI Development
Long Island Business News
April 1, 2016
Long Island economic development and infrastructure projects are big winners in the New York State budget, officials said Friday.
In total, Long Island will see $331 million fora number of economic development projects in the region.
Funding for projects include $85 million for a parking structure at the Nassau Hub and $50 million for Northwell Health’s Feinstein Institute for Medical Research, slated to be built on top of the structure.
In addition, $50 million is earmarked for infrastructure at the Ronkonkoma hub located at the busy LIRR Station.
Also, $15 million is to facilitate research at Brookhaven National Labs and Stony Brook University, and $75 million for a biotech project at Stony Brook. Lawmakers also earmarked $25 million for a new school of engineering at Hofstra University, $6 million to upgrade MacArthur Airport, and $25 million for the Center for Therapeutic Research Center at Cold Spring Harbor Lab.
“All of these projects help us to create a 21st century innovation-based economy,” said Kevin Law, president and CEO of the Long Island Association. “This would not have happened without the leadership of Sen. John Flanagan and the Long Island Senate delegation.”
The $331 million is part of a $550 million pool that was earmarked last year for Long Island economic development and infrastructure projects, Law said. Numerous other projects for sewers, roads and bridges have been proposed for the remaining funds. Bridges in Brookhaven, Huntington and Garvies Point in Glen Cove – areas where there are big bottlenecks of traffic – are among the proposed projects, Law said.
These proposed projects “would facilitate growth in those communities,” Law said.
Meanwhile, local leaders weighed in on the budget.
Assemb. Michelle Schimel, D-Great Neck, said the budget “is very good for New York State, and good for all of Long Island.” She added that the budget provided the “highest funding for schools, higher education, infrastructure improvements, economic development , hospitals, capital improvement, and middle class tax relief.”
“We’re obviously very pleased that this funding is included in the final state budget,” said Northwell Health Spokesman Terry Lynam. “We look forward to being part of the ongoing economic development activities at the Hub.”
“These infrastructure dollars will help transform the Coliseum parking lot into a job generator for economy,” Nassau County Executive Ed Mangano said.