“According to iStar, when the apartment buildings are completed, the complex would generate nearly $972,000 in property taxes in the first year, compared with just over $523,000 under the initial proposal. According to that plan, iStar would have paid the same taxes for 15 years — the same as if the land were not developed.
Under the new proposal, the property taxes would be about $1 million per year for the next 18 years, increasing each year after five years, and ultimately reaching the full property tax value, $7.2 million, after 20 years.”
LB HERALD: Superblock developer to propose new deal
[in my opinion] So these guys now want 20 years instead of the denied 25? On rare beachfront property that is a stone’s throw (and LIRR ride) away from the greatest city in the world? ARE THEY FREAKIN’ KIDDING ME? These guys don’t get it. THIS IS BEACHFRONT PROPERTY. BEEEEAAACCCHFRRROOOONT. Not some brownfield toxic industrial waste dump.
RARE BEACHFRONT PROPERTY
That is why us residents are pissed off. We know something can work there that is 1) appropriate for the community and 2) beneficial to the community. Just my 2 cents.