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Babylon open for business as incentives attract companies.

Town of Babylon Supervisor Rich Shaffer and Babylon Industrial Development Agency (IDA) CEO Robert Stricoff have announced the Babylon IDA has secured 14 major companies to commit real estate deals in the town.

The companies will employ more than 750 people, and the investment into building purchase, land acquisition, equipment purchase and capital investment in the Town of Babylon will be more than $59 million, according to the IDA.

"The town plays a key role in economic development and in keeping companies and jobs on Long Island. We have a very aggressive IDA policy and fast-track program that benefits businesses and residents of the town and Long Island. The fast track program cuts the review and approval process by more than half, saving IDA clients time and money." Supervisor Shaffer said.

"Babylon is open for business and I look forward to a strong 2012 in Babylon."

The Babylon IDA offers certain financial benefits, including tax abatements, to manufacturing, wholesale distributors, warehouse operations and industrial companies who qualify.

The tax-saving tool has helped attract companies such as Rejuvenol Laboratories, inc, Gallant & Wein LI Corp and E.CLIPS USA, which have already closed on real estate deals.

Rejuvenol Laboratories, Inc. is a Long Island-based manufacturer and distributor of hair products and also operates a training school for salon hair stylists.

Rejuvenol's entrance into the Babylon IDA's straight lease tax incentive program allowed them to purchase a new 33,000 s/f building in Copiague for $2 million, while seeing $400,000 in cash savings and tax abatements over the next ten years.

Rejuvenol CEO Bart Tarulli, said, "When the IDA presented us with the significant financial benefits of their program and the opportunity to move to a larger pre-existing building we jumped at the chance to continue to call Town of Babylon home."

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Title Annotation:Babylon Industrial Development Agency
Comment:Babylon open for business as incentives attract companies.( Babylon Industrial Development Agency )
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:Apr 11, 2012
Words:303
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