A few problems with iStars numbers and information, as touted in their ad this morning… [See ad here]
iStar touts economic activity will be created by new residents, but then projects 65% of these residents will come from Nassau County. Why would the county IDA provide incentive to create economic activity in one part of county by stealing said activity from another? On the county level, this “benefit” is greatly diminished.
iStar is saying they will pay $25 million more over 25 years than if nothing gets built. That is still $122,600,000 less than if they didn’t get PILOT.
With school: If the development brings in 25 kids to the school district, the cost would be minimum of $15 million. If 60% of taxes go to schools, they’re barely covering costs of students (that’s based on $24k/kid, which is low). I believe they project 28 kids.