Suffolk IDA OKs benefits for Broadridge Financial

In a move designed to stop the exodus of more than 1,600 jobs, the Suffolk County Industrial Development Agency on Thursday approved a cost-saving incentive package for Edgewood-based Broadridge Financial Solutions, a public company being courted by New Jersey, Virginia, Florida, Ohio and Texas, according to a county statement. 

The incentives provided through the IDA include $2.6 million in sales tax exemptions on $75 million in equipment purchases and a 15-year property tax break, valued at $7.2 million. 

The company plans to renovate and equip two of its Edgewood facilities totaling more than 500,000 square feet. 

Robert Kalenka, COO of Broadridge’s investor communications solutions business, said the benefits package must be approved by the company’s board of directors when it meets next month.  The package includes incentives from Empire State Development and the Long Island Power Authority. 

Suffolk’s Deputy County Executive for Economic Development Joanne Minieri, who worked closely with the Empire State Development and the Long Island Power Authority to put together the incentive package, said Broadridge is in growth mode. 

“Their heavy reliance on local vendors, coupled with their commitment to the local workforce in Brentwood, Central Islip, Bay Shore and Huntington Station, will have a tremendous ripple effect on the region,” Minieri said in the statement. 

According to Broadridge, the average employee earns $75,000 annually and the company payroll is more than $100 million per year.