Private Label Developments, a manufacturer of over-the-counter pharmaceuticals, will receive economic incentives from the Town of Babylon Industrial Development Agency for a major renovation project in Copiague.
The company is investing $5.8 million on renovating and equipping three existing properties that total 89,000 square feet on 4.3 acres at 33 Ralph Ave., 200 N. Oak St. and 26 Bethpage Road.
Over the next few years, the project is set to create 40 new jobs and retain 47 current jobs, with annual salaries ranging from $32,000 to $80,000, according to an IDA statement.
The IDA approved a 15-year payment-in-lieu-of-taxes agreement for the company’s project, providing about $1.6 million in property tax savings as well as more than $293,256 in sales and use tax exemptions. Private Label will still be paying about $3.8 million in taxes over the course of the pilot.
Founded in 1988 by Mitch Singer and Mort Rezack, Westbury-based PL Developments specializes in the manufacture of over-the-counter pharmaceuticals sold in major retailers across the country. The company plans to use the new three-building campus in Copiague to expand its operation in the region.
“Our company has called Long Island home for decades, and we graciously thank the IDA for allowing us to stay where we are,” Singer said in the statement. “Without the IDA’s assistance, we would have had no choice but to move out of the state in order to expand our business and help us keep up with the demand for our services. We are thrilled to continue operating on Long Island and we plan to keep doing so for as long as possible.”
Babylon IDA CEO Tom Dolan said the IDA is proud to have played a role in helping to keep the business here.
“Helping Long Island-based businesses improve their ability to benefit our community is one of the IDA’s foremost priorities,” Dolan said in the statement. “Private Label Developments is looking to expand their operations, and without IDA assistance, they would likely have had to move their business out of state, thus taking away the benefits they provide to the Town of Babylon and Long Island as a whole.”