Friday, 30 December 2011 00:00
Nassau County Executive Edward P. Mangano and the Nassau County Industrial Development Agency (IDA) recently announced the execution of an economic development compact designed to benefit the local economy by generating nearly $19 million in economic activity and the creation and retention of 129 private sector and construction jobs associated with the renovation and expansion of the Greenvale-based Penn Toyota automobile dealership.
“Nassau County is working to retain local employers and assist those companies who seek to grow and expand their business,” County Executive Mangano said. “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.”
Penn Toyota has operated in Greenvale as a family-owned dealership for over 35 years. With the assistance of the IDA, Penn Toyota will make the necessary renovations and expansions needed to comply with national Toyota standards. The renovation allows Penn Toyota to retain 59 current jobs, create 50 new construction jobs and create 20 new full-time private sector jobs. Together, these investments in job creation will benefit the local economy to the tune of $19 million.
“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.”