Nassau County forms economic development group

Real Estate Weekly, April 16, 2003 by Steve Viuker

Nassau County has formed a new economic development corporation to spur development. Rafaela Petrasek, former senior vice president for real estate at the New York City Economic Development Corp., took the reins of the newly created quasi-government agency. She was introduced at a meeting of real estate brokers in Westbury.

The new community development agency, modeled on the New York City Economic Development Corp., will work closely with the Nassau County Industrial Development Agency, which can offer tax incentives and tax-free financing. The economic development corporation, which will be self-financed, will provide the county with a vehicle to administer grants.

Nassau County did have a development corporation. It was a vehicle for getting money from Empire State Development.

The new corporation may buy 105 acres now owned by the Navy in Bethpage that are being transferred to the county.