FOR IMMEDIATE RELEASE BROOKHAVEN IDA’S FRED BRAUN RE-ELECTED DIRECTOR OF NYSEDC

05/28/15

Farmingville, NY (May 28, 2015) – Frederick C Braun III, chairman of the Town of Brookhaven Industrial Development Agency and the Town of Brookhaven Local Development Corp., has been re-elected to a two-year term as a director of the New York State Economic Development Council (NYSEDC).

Braun, a resident of Mount Sinai, was re-elected at the NYSEDC's annual meeting on May 21. He also was appointed to NYSEDC’s finance and audit committee. In addition to his IDA position, Braun has been the chief executive officer and president of Gyrodyne Company of America Inc., a publicly traded REIT based in St. James, New York, since 2013. Previously, Braun worked for more than 46 years in commercial banking most recently as executive vice president of the State Bank of Long Island. Braun also serves on the boards of several not-for-profit organizations including Brookhaven Memorial Hospital Medical Center where he has been a trustee for more than 30 years. He holds a BS in Finance from Lehigh University. NYSEDC is New York State's principal organization representing economic development professionals. Its 900 members include the leaders of industrial development agencies, local development corporations, commercial and investment banks, underwriters, bond counsels, utilities, engineering and architectural firms, and private corporations. NYSEDC's mission is promoting economic development, encouraging sound regional development practices, conducting professional education programs for its members. This year, the IDA has already assisted 5 commercial projects including Rail Realty, an apartment complex in upper Port Jefferson Village and Meadows at Yaphank Phase 1, a mixed-use development in Yaphank. The Brookhaven IDA has nine additional projects under consideration with the potential to create and retain 1,800 jobs and result in $225 million in investment to the community.

About the Town of Brookhaven Industrial Development Agency
Since 1971, the mission of the Brookhaven Industrial Development Agency has been to promote the economic welfare and prosperity of the Town of Brookhaven by assisting in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities as well as rental housing projects. The IDA has issued millions of dollars in tax-exempt and taxable bonds on behalf of more than 70 companies encouraging them to either locate or expand in the Town of Brookhaven. This assistance has been extended to companies both large and small, and has resulted in the direct creation of thousands of jobs for Brookhaven residents. The IDA has provided assistance to a wide range of companies, including Quality King, Woodcrest Senior Housing, Suffolk Transportation Service, Intercounty Appliance, Caithness Energy, United Baking (Uncle Wally's), Framerica, and Motorola (Symbol Technologies). For more information visit BrookhavenIDA.org or call 631-451-6563.

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