Nassau County and Glen Cove school district votes on the share of revenue they would receive from a proposed Glen Cove waterfront redevelopment could occur in the next few weeks, outside of regularly scheduled meetings, officials said.
The City of Glen Cove is proposing that the county, schools and Glen Cove library receive smaller proportions of revenue from the Garvies Point project than they typically get from such real estate developments, with the city receiving more.
The money would come from payments in lieu of taxes, the result of hundreds of millions of dollars in tax breaks the Glen Cove Industrial Development Agency approved for Uniondale-based developer RXR Glen Isle Partners.
The county’s revenue allocation would fall from the usual 7.5 percent to 6.4 percent, according to city calculations. That amount is based on RXR or any future owners paying a total of $331.9 million over that period.
The proposal calls for the county to receive $21.3 million over 40 years. But county legislators debating it at their Aug. 1 meeting questioned the city’s assertion that the county typically would have received 7.5 percent of revenue. The typical percentage may be much higher, said Legis. Laura Curran (D-Baldwin). If it is, that means that, under the proposed resolution, the county would be losing out on more potential revenue than thought, she said.
A vote was postponed until the county assessment office ascertains the typical payment.
“Once we get the correct figure, then it can be determined whether that’s palatable or not for the county,” Cristina Brennan, spokeswoman for Presiding Officer Norma Gonsalves (R-East Meadow), said after the meeting.
The Aug. 1 meeting was not adjourned, and the legislature may reconvene to vote on the measure later this month rather than wait for the Sept. 12 committee meetings or the Sept. 26 legislature meeting, Brennan said.
Legis. Delia DeRiggi-Whitton (D-Glen Cove) said in an interview that a measure with such a big impact on Glen Cove and the county budget should not be rushed through, especially in August, when many legislators and residents are on vacation.
A few hours after the county meeting, Glen Cove City School District board members listened to remarks for and against the allocation. The schools’ allocation would fall from 62 percent to 52.7 percent, the city says.
Superintendent Maria Rianna said a vote could occur before Aug. 29, the next regularly scheduled meeting. If a special meeting is held, notice would be posted at least 24 hours in advance and parents would be alerted by phone, she said.
Glen Cove Mayor Reginald Spinello said he asked for expedited county and school board votes to take advantage of favorable terms for a planned bond — funded by future project tax revenue — to raise money to build parks, a road and other amenities.
The Glen Cove Public Library board approved the allocation — its proportion would fall from 1.5 percent to 1.4 percent — on Aug. 2. The City Council approved that allocation on July 19.