The developer of a proposed assisted-living facility in Jericho plans to ask state and local governments to issue $125 million in tax-exempt bonds to fund its construction, company and government officials said.
Garden City-based Engel Burman Group wants to build two structures totaling 336,000 square feet of space at 300 and 310 Jericho Tpke. The buildings would have 280 living units.
The Nassau County Industrial Development Agency last month agreed to work with Engel Burman. The agency has yet to commit to using its entire tax-exempt bonding authority for this year, valued at $30 million, for the project.
The IDA has previously backed some of Engel Burman’s 10 other Bristal Assisted Living facilities on Long Island.
Peter L. Curry, the developer’s real estate attorney, said last month it plans to seek tax-exempt bonding authority from New York State as well for the Jericho project.
He said one of the two buildings in Jericho would house residents with dementia. The project will have 83 full-time workers three years after construction is completed, he said.
Engel Burman president Jan Burman told the IDA board of directors that he hopes to begin construction in the fall.
The property is considered high-profile in Oyster Bay Town because it’s adjacent to the Underhill preserve.
In 2010 the town sued the property’s owner, the estate of William H. Doremus, to protect the land from development. The New York State Court of Appeals, the state’s highest court, ruled against the town in 2012.
Engel Burman then purchased the property. It hadn’t been involved in the legal dispute.
In January Oyster Bay Town officials approved a zoning change and site plans for the assisted living facility.
Engel Burman plans to donate about 9 acres of the property to the town so that the land can preserved.