View the full report here.
The Incorporated Village of Farmingdale has gone through a renaissance over the past decade and serves as a model for future downtown revitalizations across Long Island. The short-term negative economic impact from COVID-19 could result in long-term economic growth in Farmingdale and other communities as more people seek suburban living with thriving downtowns nearby.
On September 15, 2020 the Long Island Regional Planning Council released a study that analyzes the economic and fiscal impacts of Farmingdale’s revitalization.
The study revealed these key benefits:
- Thirty-five new businesses have opened in the downtown since 2012.
- Farmingdale made over $20 million in capital improvements to its downtown since 2012, which has helped improve and expand parking, improve the streetscape, and create a pocket park, among other notable improvements.
- The economic output to Nassau County from investments made in Farmingdale over the past eight years amounts to nearly $33 million (includes direct labor income and value added). Or, for every $1.00 invested in capital improvement-related construction projects in Farmingdale, approximately $1.74 was generated throughout Nassau County.
- Six multi-family residential projects were developed in the downtown area since 2014, in response to the Downtown Mixed Use (DMU) zoning code adopted in 2011.
- While the six multi-family residential development projects encompass 323 units, only 21 public school age children are associated with these units – or a ratio of 6.5 children per 100 units.
- Over a six-year period, the six newly constructed multi-family residential developments generated approximately $2.1 million in school property tax revenues and an estimated $803,000 in school service costs over the same period. The estimated net positive impact to the Farmingdale School District is approximately $1.4 million over the six-year period.
Farmingdale’s ongoing success could serve as a model for future revitalization in other Long Island downtowns struggling today.