§ 155-1. Legislative intent.

A. 

This Legislature hereby determines that a need exists within the County of Suffolk to foster new business enterprises that promote long-term economic development in certain economically disadvantaged areas.

B. 

This Legislature also finds and determines that business incubators have a primary goal of assisting early-stage, early-growth companies that have a small number of employees and limited resources, to expand into successful enterprises that are financially viable and are able to operate independently.

C. 

This Legislature further finds and determines that business incubators promote individual achievement, provide jobs and an expanded business base, strengthen neighborhoods, empower families, and support local economies.

D. 

This Legislature also finds that the establishment of a Suffolk County local development corporation will give the County an additional tool to spur economic growth and create and support incubator programs in low-income and diverse communities in Suffolk County.

E. 

Therefore, the purpose of this article is to create a Suffolk County local development corporation.