A reader is questioning some of the information in the ‘iStar’ Newsday ad

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.

3 Replies to “A reader is questioning some of the information in the ‘iStar’ Newsday ad”

  1. On the school issues, as I read it in the variance-related submissions, they projected 8 new students, not 28. 16 total in the development, of which 8 were new, 8 from already in the district. They also said the States sends money to district for students (about $5,000 each) and adding students does not mean it adds much cost given that most of the cost is already in teacher salaries, equipment, etc., which won’t increase by adding 8 students (or even 15 or 20 or 30).

    A question I have is is the property with its proposed classification just paying differently than say a regular homeowner?

  2. Now that the istar hearing is over can we finally stop with the incessant posts about it? I’ve had to block project 11561 on fb because they won’t shut up about it.

    We get it. dem City council had to support it because of some legal agreement but it’s up to county republicans whether it goes through. Next topic please.

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