Nassau County IDA assists Penn Toyota in expansion project

The Nassau County Industrial Development Agency, continuing its efforts to bolster the county's economy, is assisting a North Shore automobile dealership renovate and expand. An economic development compact approved by the IDA will permit Penn Toyota to renovate its 20,000 s/f building and construct a 15,000 s/f addition. Penn Toyota, which has operated as a family-owned dealership for more than 35 years, will use IDA assistance to make renovations and expansions needed to comply with national Toyota standards. The renovation allows Penn Toyota to retain 59 current jobs, create 20 new full-time private sector jobs and create 50 new construction jobs. Together, these investments in job creation provide $19 million in benefits to the Nassau County economy. IDA assistance included a Payment In Lieu of Taxes (PILOT) program and exemptions from the mortgage recording tax and sales taxes. "Penn Toyota approached the IDA with a clear choice: either we find a way to help them renovate, or they would close up shop, said Joseph J. Kearney, the IDA's executive director. "The IDA is in the business of finding creative solutions to retain and create jobs in Nassau County." Kearney noted that t 30 percent of the dealership's sales are estimated to come outside Nassau, primarily Suffolk and Queens. "Nassau County is working tirelessly to retain local employers and assist those companies who seek to grow and expand their business," said Nassau County executive Edward Mangano. "With assistance of the IDA, we are creating new high-paying jobs that put residents back to work in the private sector. From creating new jobs to generating millions of dollars in economic activity for our local economy, today's economic development agreement is a homerun for Nassau residents. I am thrilled that Penn Toyota will expand their operations in Nassau, and hope they continue to serve the County for another 35 years to come!" About the Nassau County IDA The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to business interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, from Arizona Iced Tea and Sleepy's Mattress to Cold Spring Harbor Labs and Grumman Studios. For more information visit nassauida.org or call 516-571-1945. ###