Office of Economic Development | Town of Islip

On January 17th, the Town of Islip IDA Board unanimously approved the final resolution for InvaGen Pharmaceuticals, a generic pharmaceutical manufacturer who currently operates out of three other locations in Islip.

 

This $20 million project includes acquiring and renovating a 248,000 square foot facility on S. Research Way in Central Islip.  InvaGen will create 100 jobs immediately and predicts to hire an additional 250 over five years.  In exchange, the Islip IDA has pledged to provide $3.5 million in property tax abatements, $105,000 in mortgage recording tax savings and $172,500 in sales tax exemptions over the next nine years.  InvaGen is expected to move into the building in February 2012.  “This administration is working every day to ensure companies like InvaGen have a home in Islip, and have a partner in town government,” said Supervisor Croci.

For further information regarding this project, or any project in Islip, please call the Town of Islip, Department of Economic Development at 631-224-5512.