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More aid for LI Industrial Management
The owners of 23 run-down office and industrial buildings in Suffolk County will get a larger sales-tax break because they plan to spend more money on renovations, officials said.
Long Island Industrial Management will save $1.5 million on sales tax for building materials and other purchases instead of $862,500, according to Anthony Manetta, executive director of the Suffolk County Industrial Development Agency. The increase, he said, is because the landlord expects to spend an additional $15 million on the buildings. It had initially planned $20 million in upgrades.
The company also will have its property taxes frozen for three years and then have them rise by 2 percent or less in each of the following 12 years.
Thirteen buildings in Nassau County, owned by the same company, are receiving aid from Nassau’s industrial development agency.