Supports Transformative Projects to Strengthen Long Island's Economy



ESD to Administer Fund in Coordination with LIREDC

For More Information, Visit the LIIF Webpage Here

Empire State Development (ESD) Directors recently approved announced the framework for the $350 million Long Island Investment Fund (LIIF), a new fund that will support transformative projects to strengthen Long Island’s economy. Included as part of Governor Hochul's historic FY 2023 budget, the Long Island Investment Fund will focus on large-scale projects that will support and grow the regional economy, enhance communities, and have lasting impacts across the Long Island region. Empire State Development will administer LIIF and manage the project selection process, application administration, and ongoing reporting by awardees. To assist ESD and to encourage robust public engagement, the Long Island Regional Economic Development Council (LIREDC) will review applications, conduct outreach, and perform initial vetting of LIIF projects. The LIREDC will make recommendations to ESD in line with the project selection criteria. 

The Long Island Investment Fund will prioritize the following goals:

• Positioning Long Island and New York State to lead in cutting edge sectors, including innovation, biotechnology, life sciences, and biomedical investments.
• Investing in main street revitalization with a clear nexus to economic growth, job creation and/or attraction of private sector investment.
• Expanding workforce development, training, and career-focused educational opportunities for residents of Long Island from all backgrounds. 

Empire State Development Board Chairman Kevin Law said, “Under Governor Hochul’s leadership, we are making investments to support projects and initiatives that will reenergize Long Island’s economy. The Long Island Investment fund will create opportunities to help local development priorities, attract new businesses that will create jobs, and help the region thrive.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Through a strategic and collaborative process, the Long Island Investment Fund will catalyze economic growth, create jobs, and prepare the region’s workforce of tomorrow. By investing in Long Island communities, New York is expanding opportunities that will create a brighter future for present and future generations of Long Islanders.”

LIREDC Co-Chairs Linda Armyn, Senior Vice President of Corporate Affairs at Bethpage Federal Credit Union, and Dr. John Nader, resident of Farmingdale State College said, “The Long Island Investment Fund will have a significant impact on the future of the region, one that will invest in the economy and workforce of our communities. We are grateful to Governor Hochul for her support of Long Island as we work to create a better future for its residents and businesses.”



The Long Island Investment Fund will be allocated into three programs:



Transformative Projects ($250M)

$250 million will be allocated to support transformational projects that will foster future regional development. Of the $250 million, $100 million will support large scale real estate development projects. These catalytic developments may be multi-year, and multi-phased but must be either ready to commence construction within three years of being selected for funding or be completed within seven years. The remaining $150 million will support all other projects that must have the potential to develop or redevelop sites into job creation engines.

Business Plan Competition ($50M)

$50 million will be allocated for an annual business competition for approximately five years. The Business Plan Competition will also leverage a Business Accelerator entity, which will work collaboratively with Long Island universities and research institutions to select life science start-up businesses that possess the potential for permanent high wage job creation and a high likelihood of successful technology commercialization. The Long Island business competition will be designed to complement other New York State business competitions.

The Business Plan Competition will select promising new companies in life sciences, health technology, and medical devices that will be job creation engines in the region’s future. The Business Competition will be operated by an entity selected through a competitive Request for Proposals (RFP) issued by ESD.

      

Workforce Development ($50M)

$50 million will support one or more entities that will build and operate a center to train or re-train Long Island’s workforce to meet the needs and opportunities of regional industry. The goal will be to work cooperatively with high schools, colleges, and universities and local industry to develop curriculum and offer hands on training at a centralized location. ESD will issue an RFP for the development and operation of one or more regional workforce training centers, to be modeled after successful centers throughout the U.S.



Senator John E. Brooks said, ““The Long Island Investment Fund is a direct result of collaboration and cooperation and I am proud to have advocated for this funding in the budget. This important funding will be transformational for Long Island communities and I would like to thank Governor Hochul and my fellow Senators for taking action to ensure a better future for Long Island.”

Senator James Gaughran said, “I want to thank Governor Hochul for her collaboration with the Legislature in establishing the Long Island Investment Fund.  This money will help transform and revitalize Long Island's economy, attracting new business and supporting our downtowns.  As we emerge from the pandemic, the Investment Fund will put shovels into the ground for many of the projects that have long been on hold.”

Senator Anna M. Kaplan said “the Long Island Investment Fund is a big deal for Long Island, and I was proud to fight for it to be included in this year’s state budget. At a time when there is so much uncertainty in our economy, and so many businesses are making decisions about where to put down roots in a post-pandemic world, the Long Island Investment Fund provides a golden opportunity to invest in big projects that will make our region more attractive for private investment, make our communities more vibrant, and support significant job creation. In addition to big investments in transformative projects, the fund will also support small businesses that are innovating in our growing healthcare and life science sectors by spurring competition and leveraging some of our region’s great research institutions. If we’re going to keep our region competitive and grow our economy, its going to take investments in innovation that keep the best and brightest minds right here on Long Island.”

State Senator Kevin Thomas said, “I am thrilled that the Long Island Investment Fund is committed to bringing transformative economic growth to our region. Long Islanders know the value our local economies hold, and these funds will further support ongoing efforts to successfully revitalize our communities, expand job opportunities, and attract cutting-edge industries. I look forward to working with our partners in government and community leaders to ensure their specific needs are met to maximize meaningful economic impact.”

About Empire State Development

Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primaryadministrative agency overseeing the Regional Economic Development Councils and the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.

Contact:

ESD Press Office: [email protected] | (800) 260-7313