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 sales in 2025 could exceed $1.5 billion, or about double last year’s haul while law enforcement will expand efforts to padlock illegal stores. “With the Office licensing approximately 30 dispensaries per month in the last quarter of 2024, we would expect over 350 dispensaries to open in 2025,” according to OCM policy director John Kagia.

“Doubling the number of stores opening in 2025 would be huge. It will help suffocate the illicit operators,” said Joe Rossi, a Park Strategies lobbyist who reps a dozen clients in the cannabis industry. “There’s reason to be optimistic. The cannabis industry is starting to turn the corner,” added Rossi, who’s been an outspoken critic of the Empire State’s cannabis rollout.

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East Hampton Town officials will consider approving about $3.7 million in grants and a loan to a variety of affordable housing initiatives. The funding would be the first large-scale use of a new fund designed to boost affordable housing. The lack of it is a regional problem that has become particularly acute across the East End. Joe Werkmeister reports in NEWSDAY that in 2022, voters approved the creation of the East Hampton Community Housing Fund, which generates money through a 0.5% tax on most real estate transactions. Since the fund’s adoption, the town began developing programs for spending money that started flowing into the fund in April 2023.

Officials said the fund has generated about $10 million as of Dec. 1. The applications under review now are part of a program to award grants or loans to individuals, developers, nonprofits or municipalities such as local villages. The town’s community housing advisory board reviewed seven applications it received between June and August and has recommended the board approve funding for five, ranging from a $338,000 loan to $1.5 million grant.

Eric Schantz, East Hampton Town’s housing director, provided an overview of each request to the town board in early December. Each application requires a public hearing, which the board held on Dec. 19. Supervisor Kathee Burke-Gonzalez said the board plans to discuss each application again at its meeting Tuesday so “the community can hear the town board deliberate on the requests.”

As part of the new housing fund, the Town of East Hampton has also implemented a separate down payment assistance pilot program that offers qualified homeowners $30,000.

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As it moves closer to an anticipated 2025 grand opening, the Southampton Playhouse has announced the hiring of two leaders who will be at the forefront of bringing the iconic Hill Street venue back to a place of prominence in the Southampton community. Cailin Riley reports on 27east.com that The Playhouse, which is a 501(c)(3) nonprofit, has hired Maria A. Ruiz Botsacos as its inaugural executive director, and has tapped Eric Kohn as its artistic director.

The Southampton Playhouse was born after real estate developer Aby Rosen and his son, Charlie Rosen, through their company, RFR Holdings, purchased the Southampton Movie Theater — in partnership with Alex Black, CEO of Lyrical Media — for $8 million back in 2022 from former owner Ken Karlin.

The nine decade old theater, which was in desperate need of upgrades and repairs, had been shuttered since the start of the pandemic. It was originally built in 1932 as a single-auditorium theater. Extensive upgrades have been happening at the theater for more than a year, and when it reopens in 2025, the Playhouse will include three state-of-the art movie theaters, and an IMAX theater as the fourth house, making it the only IMAX theater in the surrounding area.

The Playhouse will have the ability to show first-run theatrical features as well as 35mm films, and will also host community events and even outdoor movie nights in the parking lot.

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A federal judge this week found that New York had taken most of the necessary steps to enact a plan that charges drivers when entering the center of Manhattan, and the Metropolitan Transportation Authority said it will go into effect this coming Sunday.

But the judge also ordered federal transportation officials to review and further explain some aspects of the program, known as congestion pricing. And a lawyer for the State of New Jersey, which had sued to block the plan, said the ruling meant it could not be implemented. Ana Ley and Winnie Hu report in THE NY TIMES that the 72-page decision from Judge Leo M. Gordon does not appear to stop New York from going forward with the program while the federal authorities address his concerns.

New York State Gov. Kathy Hochul called the decision from Judge Gordon in U.S. District Court in New Jersey “a massive win for commuters in both New York and New Jersey.”

Congestion pricing aims to provide funding for mass transit in New York City and its suburbs...including the L.I.R.R...by charging most motorists $9 to enter Manhattan at 60th Street or below.

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A good home is hard to find — even for Wall Street's masters of the universe. Jonathan LaMantia reports in NEWSDAY that Hamptons real estate brokers involved in the 10 priciest deals of 2024 reported having trouble finding the right oceanfront mansion or verdant estate for their buyers because too few came to market last year.

"I have 10 people who want to spend over $20 million on a property and there's nothing that's attractive for them to purchase," said Kyle Rosko, a real estate agent at Douglas Elliman in Bridgehampton.

Newsday compiled a list of the 10 most expensive Hampton home sales through data supplied by Jonathan Miller, CEO of Manhattan appraisal firm Miller Samuel, property records and interviews with luxury real estate brokers.

The number of mega deals of at least $50 million in the Hamptons was down to just one in 2024, according to Newsday's analysis. That is down f...