Nassau County Executive Edward P. Mangano and the Nassau County Industrial Development Agency today announced the approval of an economic development compact with Litigation Settlement Administration Corp., a small company with big growth prospects that had considered shifting seven jobs out of state.
The compact, expected to produce economic benefits to Nassau County of $5.3 million, will allow the company, now in Mineola, to purchase and renovate a 5,000-square-foot building at 801 S. Broadway in Hicksville. It intends to move seven current jobs and create six new jobs within three years after construction is completed. Three full-time-equivalent construction jobs also will be created.
“Litigation Settlement Administration Corp. and other small businesses are as important as large ones in creating jobs and bringing economic benefits to Nassau County. From creating new jobs to generating economic activity in our local economy, this agreement is a win-win for Nassau residents,” said County Executive Mangano. “I am pleased that Litigation Settle Administration Corp. will continue to do business right here in Nassau County. Long Island has lost too many jobs to other states. My administration and the Nassau County Industrial Development Agency are working tirelessly to retain employers and keep jobs in Nassau County.”
Litigation Settlement Administration Corp., founded by a group of attorneys including Eric Lamonsoff, Michael Bergman and Lindsay Held, provides back office support services for attorneys in processing claims and other documents. The building that the company is acquiring and renovating at a cost of $1.4 million is a vacant, dilapidated former barn-like bank branch.
“Though small in scale, this is a win for Nassau County. We are keeping jobs, creating new jobs and removing an eyesore that has blighted the landscape,” said Joseph Kearney, executive director of the IDA.
Tom Stringer, of Ryan LLC, a site selection consultant working with the company, said without the assistance of the IDA, the company would have outsourced the work to an out-of-state competitor. “I thank everybody for their support,” he said.
“It’s fantastic that we can get them to stay,” said Tim Williams, chairman of the IDA.