NEW YORK - Empire State Development Corporation Thursday announced that two Downstate grants from the Economic Development Fund totaling $744,000 received formal approval by the agency’s Board of Directors

These grants will leverage approximately $10.7 million in additional investment and retain 340 jobs.

Downstate grants presented for approval include:

• Shearman & Sterling, LLP, Suffolk County - $300,000 toward a $2.87 million project to make leasehold improvements, and acquire equipment and furnishings at the company's Melville office.  The company will also relocate its accounting and information technology operations to Melville and retain 100 jobs.  The company, founded in 1873, is one of a few international firms providing legal expertise integrated across jurisdictions, industries and legal disciplines. 
• Ultra-Flex Packaging, Brooklyn - $444,000 toward a $6.6 million project to add sitting, laminating and press capacity to allow the company to expand its presence in the various markets for customized packaging.  The company will also invest another $2 million for the construction of an additional 20,000 square feet of space at the Wortman Ave.site.  The project will retain 240 jobs.

In other business conducted Thursday, the Board also approved the following:

• Roosevelt Island: Voted to authorize postponement of Tax Equivalency Payment increases for North Town Phase II Houses, Inc. and North Town Phase III Houses, Inc. on Roosevelt Island, which currently have Ground Leases with the New York State Urban Development Corporation.
• Flea Theatre: Approved an amendment to the Flea Theatre project location in Manhattan.  ESD has invested a grant of up to $3,500,000 to be used for a portion of the cost of the acquisition and renovation of four floors of a seven-floor building.  The Board previously approved a grant for the project in December 2006.
• Authorized $60,000 to enter into a contract with the National Development Council.