FARMINGVILLE, NY (Sept. 16, 2016) – (RealEstateRama) — Frederick C. Braun III, chairman of the Town of Brookhaven Industrial Development Agency (IDA), announced that the agency has closed on an economic assistance package that will allow two Ronkonkoma businesses to relocate to a 25,000 square foot building in Yaphank.
The IDA’s incentive package to family-owned Four Keys Realty LLC will allow the company to build a 25,000-square-foot building on vacant land on the northeast corner of Zorn Blvd and Horseblock Road that will house United Fence and Guard Rail Corp. and Master-Halco Inc., both now in Ronkonkoma. The building will include 5,000 square feet of office space and 20,000 square feet of warehouse space for the companies.
The $5.3 million project, which the company said could not be undertaken without the IDA’s assistance, is expected to result in the creation of 13 additional full-time jobs; total employment at both businesses totals 48. The project will also create 17 construction jobs.
United Fence and Guardrail is a supplier of guard rail materials, and its tenant, Master-Halco, is a national wholesale fencing company based in Orange, Calif. Both companies are relocating from 25 Mill Avenue as a result of the Ronkonkoma Hub project.
The company will receive a 10-year abatement of its property taxes, an abatement of the mortgage recording tax on its new building and an abatement of sales taxes paid on purchases of materials and equipment for the new facility. The IDA board approved the incentive package at its July 27, 2016 meeting and the transaction closed on Sept. 9.
“The Brookhaven IDA is pleased that we are able to help these businesses relocate within our town while bringing new investment and new jobs to the town,” said Braun.
“Retaining businesses in the town is an important component of the IDA’s activities and I am pleased that they were able to provide assistance that will keep these two businesses in Brookhaven,” said Brookhaven Town Supervisor Edward Romaine.
About the Town of Brookhaven Industrial Development Agency
Since 1971, the mission of the Brookhaven Industrial Development Agency has been to promote the economic welfare and prosperity of the Town of Brookhaven by assisting in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities. The IDA has issued millions of dollars in tax-exempt or taxable bonds and provided assistance through straight lease deals to encourage companies to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of
jobs for Brookhaven residents. The IDA has provided assistance to a wide range of companies, including Tate’s, Amneal Pharmaceuticals, Precision International, LI Precast, Woodcrest, Uncle Wally’s, and Framerica. For more information visit BrookhavenIDA.org or call 631-451-6563.