Restoration of a park near the Nissequogue River, preservation of 110 forested acres in Riverhead and planning for reclamation of industrial land along the Long Beach bayfront are among the projects receiving grants through a state initiative that has so far poured more than $1 billion into Long Island economic development. Nicholas Spangler reports in NEWSDAY that the latest round of state aid announced this week through the Regional Economic Development Council Initiative will steer $16.7 million to Long Island for nearly 30 projects across the region. More than a dozen are intended to improve water quality, fund the purchase of sensitive land, map and identify problem areas of local storm sewer systems, and pay for improvements like storage facilities to replace outdoor road salt piles. Other projects are aimed at revitalizing local waterfronts by planning for redevelopment or building shoreline protections. Half a dozen projects cover restoration of parks and landmarks including the Dix Hills home of jazz giants Alice and John Coltrane. The state economic development initiative, started in 2011 under then-Gov. Andrew Cuomo, pools much of the money, formerly doled out by state agencies. Since its inception, the initiative has steered $8 billion to more than 10,000 projects statewide.

Lawrence Levy, executive dean at the National Center for Suburban Studies at Hofstra University, said the initiative has primed "the job generating pump" on Long Island, distributing its windfalls evenly across the region. It's also created a model of cooperation for business, nonprofit and educational leaders on Long Island, said Levy, who worked for the regional development council in its first decade.

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New York Gov. Kathy Hochul has vetoed legislation that would’ve required industrial development agencies to have representatives from unions and public schools on their boards of directors.

James T. Madore reports in NEWSDAY that IDAs grant breaks on property taxes, sales taxes and other levies to expanding businesses in return for job creation and capital investment. The tax savings impact the budgets of school districts by shifting the tax burden to homeowners and other companies not receiving IDA assistance, while unions want the construction jobs for their members.

Statewide, there are more than 100 IDAs, including eight on Long Island.

Proponents of the vetoed bill said it would've make IDAs more accountable to the communities where projects receiving tax breaks are located. In her Dec. 21 veto message, Hochul said the legislation, which passed overwhelmingly in the state Senate and Assembly in the spring, wasn’t necessary. She said labor leaders and educators are already eligible for IDA board seats, and the agencies must seek input on their tax incentive packages via public hearings and meetings.

“It is most appropriate to ensure specific industrial development agency members are chosen by the municipality to best represent the interests of the community rather than imposing an inflexible statutory requirement,” said Hochul, a Democrat.

The legislation passed by wide margins in both chambers of the state legislature in June. East end supporters included State Senator Anthony Palumbo (R-New Suffolk), Assembly Member Jodi Giglio (R-Baiting Hollow) and Assembly Member Fred Thiele (D-Sag Harbor).

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It’s going to grow like a weed.

Carl Campanile reports in THE NY POST that the legal cannabis industry will take New Yorkers even higher in 2025, with state regulators projecting the number of new licensed pot stores will more than double — soaring from 275 to more than 625.

In 2024, consumers purchased more than $840 million in legal ganja. When factoring in sales from 2023, the legal market has exceeded the milestone of $1 billion in total sales.

The Office of Cannabis Management said...