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ABLI hails state efforts to keep key tenant in place.

Leaders of the Association for a Better Long Island, (ABLI) an organization which represents some $15 billion worth of industrial, commercial, residential and retail real estate across the region, are welcoming efforts by the New York State Department of Urban Development (UDC) to keep Olympus Corporation on Long Island.

However, the president of the ABLI, Stephen Hess, is warning that unless the development of the state property proposed for the Olympus headquarters is part of an open and competitive bidding process, it will become the subject of criticism by those from the site.

"The State of New York has sent a firm and unmistakable message regarding their commitment to keep Olympus on Long Island. We welcome that policy for it is crucial to the region's future. In today's political environment, however, it is crucial that the UDC-Olympus partnership allow for open and competitive bidding by developers who wish to participate in building the Olympus campus on public land," explained Hess.

The ABLI believes that "Such a process would effectively reduce the cost of the project while guaranteeing that those involved in this effort could withstand the fierce spotlight of public inspection. There will be no room for second guessing or Monday morning quarterbacking by those opposed to development." Hess states in a letter to Vincent Tese, chairman of the UDC.

"No one knows more than the development community that we are a region in painful economic transition. We applaud the aggressive state action that will allow Olympus to remain on Long Island but unless the development process is opened up to the marketplace, I fear for the long term consequences of everyone involved in this effort."

Hess reminds that developers have been consistently second guessed on past Long Island projects, even after they have been subjected to minute inspections and costly litigation. "No one knows the pitfalls better than we do," Hess continued.
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Title Annotation:Association for a Better Long Island supports efforts of New York State Department of Urban Development to keep Olympus Corp. on Long Island, New York
Publication:Real Estate Weekly
Date:Dec 30, 1992
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