David I. Rosenberg, Senior Partner in the Garden City-based law firm of Rosenberg Fortuna & Laitman, LLP and a resident of Dix Hills, testified before the Suffolk County Legislature on March 23, 2010, regarding the need to create a new Local Development Corporation (LDC). The new agency, named the Suffolk County Economic Development Corporation (SCEDC), will have the ability to issue tax-exempt bonds for nonprofit projects at schools and hospitals, among others. Following Mr. Rosenberg’s appearance, the Suffolk County Legislature voted to create the SCEDC. He states, “This is an important measure toward getting non-profit projects started, creating jobs, and stimulating the local economy. Many jurisdictions across the state are also creating new or reactivating existing LDCs in order to serve the not-for-profit community.” Rosenberg will assume the role of Vice-Chair of the SCEDC.
Historical Perspective
Since 1986, New York State Industrial Development Agencies have been authorized to issue tax exempt bonds for not-for-profit projects. Since the inception of the law that created this authorization, the Suffolk County Industrial Development Agency (IDA) has issued tax-exempt bonds worth in excess of $750 million for over 70 not-for-profit projects. It has now been over two years since the January 2008 sunset of this authorization. New York State is the only state that voluntarily failed to renew this federal tax-exempt financing tool that benefits not-for-profit organizations. The powers and purposes of the new SCEDC will serve to complement the powers of the existing Suffolk County IDA and to finance transactions that the IDA currently cannot under its enabling legislation.
About Mr. Rosenberg
In addition to leading the development of Rosenberg Fortuna & Laitman, LLP and establishing the firm’s vision, Mr. Rosenberg has an active practice focused on commercial litigation and transactions, real estate law, corporate law, and appellate practice. Since 1999, Mr. Rosenberg has been a member of the board of trustees of the Suffolk County Industrial Development Agency for more than ten years and is serving his third term as Vice Chairman of the Suffolk IDA. He is a member of the New York State Bar Association, the Nassau County Bar Association, and the Florida Bar, and is admitted to practice before the United States District Court for the Southern, Eastern, and Northern Districts of New York.
Mr. Rosenberg has also been a confidential law assistant to the Justices of the Appellate Division, Second Judicial Department, and he has appeared before the Supreme Court of the United States. He has argued appeals before the United States Court of Appeals for the Second Circuit, the New York Court of Appeals, the Appellate Divisions of the First, Second, and Third Judicial Departments, and the Appellate Term of the Ninth and Tenth Judicial Districts.
Founded in 1992, Rosenberg Fortuna & Laitman, LLP has achieved substantial growth over the past two decades. Its attorneys concentrate in the areas of commercial litigation, real estate, corporate law, and appellate law, with offices in Garden City and New York City. The firm’s clients, located in Long Island, New York City, and throughout the Tri-State area, ranging from Fortune 1000 companies to local, family-run businesses, individuals, municipalities and charitable and not-for-profit organizations.
