Newsday article- Developer: We need tax breaks to build on Long Beach Superblock. Some notable quotes:
“[The developer] said it cannot move forward without a 25-year tax exemption from Nassau County.
….The proposed tax credit would require iStar to pay at least the $500,000 annual property taxes for the life of the PILOT. The company estimates the taxes could increase to $9 million by the 26th year.
….The city also is giving iStar a mortgage recording tax exemption while iStar asks for the PILOT and a sales tax exemption from the IDA.
…..About 2,220 construction jobs and 450 permanent jobs would be created by the project, with a total payroll of about $109 million, Frey said.
….The developers estimate it would create $119 million of new economic activity for Long Beach and $4.8 million in sales tax for Nassau County.
Please head over to Newsday and read the full article – Developer: We need tax breaks to build on Long Beach Superblock.
I have to admit, I am so torn over this whole istar/superblock thing. Yes, the tax exemption is a major FU to Nassau County/LB taxpayers, but I’m personally sick and tired of looking at that disgusting garbage-filled beach front lot in the middle of our city. I am also sick and tired of having a central downtown that is barely hanging onto life support. People here need jobs. Our local businesses need customers. I’m seeing comments how these buildings won’t have any positive impact on Long Beach. That’s not true: 450 permanent jobs & $119 million in economic activity, according to Newsday doesn’t sound so bad. More people = more money being spent locally. It’s not rocket science. Hey, maybe new buildings will help out with our Broken Window Theory problem,
But…..many residents are pissed by the way this is all unfolding. I don’t blame them.
But yeah, I am so torn. Perhaps if they were four shorter buildings and the city worked out a deal for more public space…. but let’s face it, it’s been 40 years of developers trying to build something at the superblock. That’s such a big failure on everyone’s part. Something will get built there eventually. It’s beach front property, walking distance to the LIRR. Nassau County wants this to be built. It’s going to happen and I don’t think complaining at the public hearing on May 27th will have any impact. Just my 2 cents, but I could be wrong. How about this:
- Do you agree that property is very valuable?
- Do you agree the Long Beach is a place people might want to live in?
- Is living near the beach with a view of the beach something that’s attractive?
- Do you agree that the superblock is walking distance to the beach/downtown/lirr?
If you say YES to all four then you agree that something will get built there eventually. Even if you don’t want anything built there.
I would love to hear an intelligent conversation about this. Instead of calling me a dumb asshole [which is true, by the way] and saying we don’t need this crap, please put on your thinking caps.