iStar took full page ad in current issue of the LB Herald

iStar took full page ad in current issue of the LB Herald. Below is the gist of the ad, but PLEASE GO OUT AND BUY THE LB HERALD! This is in the current issue.

PERCEPTION…
iStar’s Long Beach Wayfarer project will pay no taxes for 25 years.
REALITY….
Long Beach Wayfarer project will pay 41.1 million in taxes in taxes over the next 25 years– $25.1 million more than if the property remains vacant vacant.
The project is currently the 6th largest tax payer in the City of Long Beach.
In 25 years, the project will pay 5x more than the than the next largest tax payer and will continue to do so year after year.
We want to be an outstanding corporate citizen, neighbor and frien. Should you have any questions or concerns please email me at kfrey@istar.com
iStar   Karl Frey, Executive Vice President, iStar
Richard who send this in adds the following: “Your loyal followers might want to send letters to the editor and take Karl Frey up on his e mail request.  They conveniently omit the  $125 million dollars they don’t want to pay, and that they grieved their taxes of a million dollars and got them reduced to $500,000. They use that as the base for the taxes they will be paying forward.”

 

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15 thoughts on “iStar took full page ad in current issue of the LB Herald”

  1. They also omit the huge additional cost to the City and to its taxpayers from the drain on infrastructure on City services.

    The taxes they pay won’t begin to cover the costs.

    And let’s not forget that building this rewards the corrupt City Council officials we elected who SECRETLY endorsed this project.

    Remember them this November. They sold you out.

  2. Tell istar to take their building somewhere else, we don’t need NO stinkin Towers, Buildings, section 8’s here .
    Take it to the Rockaways..

  3. @ Laura. It’s all on the record. Anthony has the numbers. So does the Herald. There was a public hearing sponsored by The Nassau County I.D.A. (Industrial Development Agency) recently. iStar is looking to get a huge tax break via the I.D.A., NOT City Hall.

    I was present at the initial hearing over a year ago at the Zoning Board of Long Beach, and the prior public viewing of the plans at the restaurant next to Gino’s presented by iStar.

    What they showed us made sense to me and a lot of other residents. There was no mention of a tax abatement at either event. They said that they were fully funded with hundreds of millions of dollars and were ready to build.They and their new partner Avalon, are very sharp real estate people. FYI…Avalon has been reported to be raising tenants rents at Avalon Towers on the boardwalk at Edwards Blvd. That indicates no shortage of higher rent paying tenants.

    iStar and Avalon are trying to maximize their bottom line at taxpayer expense because Nassau County has this program that allows them to do so.
    I sent an e mail to Nassau County Executive Mangano (emangano@nassaucountyny.gov), expressing my objections to this taxpayer rip-off..I sent Anthony a copy. I urge everyone to do the same in addition to contacting the Nassau County Industrial Development Agency honcho, Joseph Kearney., jkearney@nassauida.org
    (516-571-1945) and demanding that theI.D.A. say “no to iStar.”

    The political BS comes from the malcontents and special interests. Long Beach is looking better than ever, in spite of them.

  4. Here are the numbers. The developers, Long Beach Wayfarer, LLC., which is made up of iStar and Avalon Bay, are seeking a $122.6 million property tax exemption and $6 million in sales tax exemption. The developer is also seeking a $1.5 million mortgage tax recording exemption from the City of Long Beach.

  5. Richard, did this city admin go on record in anyway they they are in favor of this tax exemption? Cause Istar is stating they did. just curious? Thank you in advance for your answer?

  6. Not only did i-star not mention needing a tax break to make the project work (they said they needed a variance for height and density to make it work), the materials submitted with their application to the zoning board to support the project speak to the benefit to the City of the taxes they would be paying upon completion of the project of over $5 million per year. This is a flip-flop and it should be denied and the City Council should oppose it now.

  7. @ Reading Is Fun….. If you would, please send the “5 million per year” info to the I.D.A. and perhaps a letter to The Herald as well.

  8. I think these buildings will be beautiful. I would strongly consider renting my house and moving to this building for the amazing views and luxury amenities. I talk to a lot of people who would also love to move to this building as soon as it’s built.

  9. I cant say much about iStar, but the folks running Avalon Bay are respectable people. I know most Long Beachers don’t like change or development- but you cant slow down progress- you can try,,, but you wont. Long Beach will be the best city outside THE city, it will just take a few new buildings, some paved roads, and a little less corruption

  10. Here you go Richard —

    I-Star’s IDA Application I-Star can be found at Anthony’s May 30, 2015 SBTC posting titled “APPLICATION FOR IDA FINANCIAL ASSISTANCE FOR THE WAYFARER SUPERBLOCK. 174 PAGES. ENJOY!”.

    The IDA Application includes materials submitted by I-Star to the Long Beach ZBA in January 2014 for the zoning variance. Those materials, include, among other things, various reports prepared by engineers, lawyers, environmental and financial assessment firms. Appendix B thereto, which can be found at page 104 of the IDA Application PDF, is entitled “Long Beach Superblock Economic and Fiscal Impact Analyses”, prepared for I-Star by 4ward Planning.

    In the executive summary, at page 3, the report states “The proposed development plan, to consist of 522 residential units and approximately 11,500 square feet of retail space, is expected to produce over $4 .8 million in new net revenue for the City of Long Beach and the Long Beach School District.” There is then a summary chart which shows City real property tax revenues of $1, 377, 877 and school district real property tax revenues of $4, 172,640. The details of the taxes can be found at pages 22 – 23 of the report. The concluding sentence is: “Projected City revenues amount to $1, 377, 877, and projected school district revenues amount to $4, 172, 640, for a total of $5, 550, 527 in new revenues.”

    There you have it. Silver platter service.

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