A fifth Bristal Assisted Living facility is set to receive tax breaks from Nassau County.
The county’s Industrial Development Agency this week endorsed the 280-unit senior citizen complex to be built in Jericho with a property tax deal that lasts 17 years. It also reduced payments of sales taxes and the mortgage recording tax.
The $125 million Bristal is being proposed by Garden City-based developer Engel Burman Group and Chicago-based private equity investor Harrison Street Real Estate Capital LLC. Harrison’s founders include former Motorola Inc. CEO Christopher Galvin.
The 336,000-square-foot Bristal at Jericho will employ 90 people after three years. They will earn $35,000 to $43,000 per year, on average, excluding medical and retirement benefits, records show.
Steven Krieger, an Engel Burman partner, said the other seven Bristals in Nassau have a combined workforce of more than 700 people. Four more facilities are in Suffolk.
He said the Bristal chain is growing because “there is a huge need for Alzheimer’s, dementia and memory-loss care.”
The developers and the IDA reached an agreement that calls for property taxes on the Jericho site to initially rise from the current $123,665 to $409,000 in the first year, followed by a four-year freeze and then 2 percent increases in each of the next 12 years.
The developers also received a sales tax exemption of up to $4.5 million on the purchase of construction materials, equipment and fixtures for the housing complex, and $1.3 million off the mortgage recording tax.
IDA executive director Joseph J. Kearney noted the developers are donating 8.5 acres of the 18.5 acre building site at 300-310 Jericho Tpke. to Oyster Bay Town for use as open space. The site is adjacent to the Underhill preserve.
Kearney also said the IDA supports assisted living centers because they ensure seniors are “able to grow old in a safe, secure and healthy environment. . . . The IDA is not solely about dollars and jobs, it’s also about the quality of life of county residents.”