August 20, 2012
Bellone Applauds Commitment as Broadridge Renews Lease to Remain on LI
By: Suffolk County Executive Steve Bellone's Office
Bellone Applauds Commitment as Broadridge Renews Lease to Remain on Long Island
Credits Partnership with NY Empire State Development, Suffolk IDA, Islip IDA, LIPA
and NYPA to Save Jobs Declares "Victory for Suffolk's Diverse Workforce"
(Edgewood, NY – August 20, 2012) – Calling it a significant victory for Long Island's diverse workforce, Suffolk County Executive Steve Bellone applauded Broadridge Financial Solutions, Inc. (NYSE:BR) for their decision to renew leases for two production facilities in Edgewood and Brentwood, making a long-term commitment to remain in Suffolk County. Bellone credited Deputy County Executive, Commissioner of Economic Development & Planning Joanne Minieri for her role in facilitating the partnership among county, state and utility representatives that led to a compelling incentive package for the company.
With nearly 1,500 employees, Broadridge is one of the largest employers in Suffolk County. In May, the Suffolk County Industrial Development Agency (IDA) approved a cost-saving incentive package for Broadridge Financial Solutions, Inc., a public company that had been courted by New Jersey, Virginia, Florida, Ohio and Texas. Coupled with incentives from New York Empire State Development (NYESD), Town of Islip IDA, Long Island Power Authority (LIPA), and New York Power Authority, the total package convinced Broadridge to stay in Suffolk.
According to County Executive Bellone, "Preserving 1,500 jobs at Broadridge is a victory for our efforts to work aggressively to retain and grow businesses in Suffolk County. I applaud Broadridge for working together with the Suffolk County IDA and Empire State Development Corporation and spurning offers from places like New Jersey, Virginia, Florida Ohio and Texas to continue to grow their company here and contribute to our local economy."
"The successful collaboration with state, local and federal officials is a great example of working together to create growth and prosperity for the people on Long Island," said Richard J. Daly, Chief Executive Officer, Broadridge. "Our associates on Long Island are tremendously talented. It is because of that talent that we can add significant value for our clients, shareholders and our entire associate population."
"The Islip IDA has worked collaboratively to preserve these 1,500 jobs in our community," said Islip Town Supervisor Tom Croci. "Through this agreement, we have kept a growing company here in Islip Town, which is vital to our local economy. Our $1.1 million assistance package includes a 15 year property tax abatement and sales tax exemption on equipment purchases. It was critical that the state, county, Islip, and LIPA work together very quickly and very strategically to save these jobs and we are proud to contribute to this important effort."
Empire State Development President, CEO & Commissioner Kenneth Adams said, "Under the leadership of Governor Cuomo and great local partners like Suffolk County Executive Bellone, the state has gone to great lengths to improve our business climate and maintain the long-term presence and success of Broadridge in New York. We are proud to continue building on our work with Broadridge by providing them with the financial tools and better business environment they need to keep their 1500 jobs on Long Island."
"Broadridge Financial's decision to stay in Edgewood is a great victory for Islip Town, Suffolk County and the entire State of New York," said Senator Lee M. Zeldin (R, C, I- Shirley). "It has been a successful partnership amongst all levels of government, working to keep Broadridge on Long Island. From Governor Cuomo and Kenneth Adams to Suffolk County Executive Steve Bellone and Islip Town Supervisor Tom Croci, this truly was a team effort. It must continue to be our goal to reduce the cost of doing business in New York. With this announcement today, we are keeping over 1,500 jobs right here on Long Island. By working together, New York State's business climate will grow, our economy will improve and the lives of New Yorkers will be positively impacted."
Kevin Law, President & CEO of the Long Island Association stated, "Broadridge is a terrific Long Island company that provides jobs and crucial economic activity for our region and they are a great member of the Long Island Association. I applaud the efforts of County Executive Bellone, Islip Supervisor Tom Croci and the Empire State Development Corporation to retain them and look forward to supporting Broadridge's future growth here."
Joanne Minieri, Deputy County Executive for Economic Development & Planning, who worked closely with NYESD, IDA, NIPA and LIPA to put together the incentive package, said, "Broadridge is a growing company, with heavy reliance on local vendors. Their commitment to the local workforce in Brentwood, Central Islip, Bay Shore and Huntington Station, will have a tremendous ripple effect on this region." According to Broadridge, the average employee salary in $75,000 and the company payroll is more than $100 million per year.
Broadridge is a publically traded company with headquarters in Lake Success. Its subsidiary brokerage processing services, investor communications and document management, and proxy processing services are located in Edgewood. The company has an international client base. "The package of incentives to induce Broadridge to remain in Suffolk gives the Edgewood and Brentwood facilities a competitive position with respect to other U.S. locations that provide similar services," said Suffolk IDA Executive Director Anthony Manetta.
"Broadridge's decision to stay in Suffolk County is extremely important because we continue to keep jobs locally and foster economic development in our region," said Legislator Rich Montano.
Michael Hervey, Chief Operating Officer of LIPA said, "LIPA was pleased to work with the state of New York, Suffolk County, and NYPA to ensure that Broadridge remain in Suffolk County and continues to contribute to our local economy."