The Nassau County Industrial Development Agency will evaluate a request by Steel Equities for financial aid with a proposed $23.6 million project to renovate a property in Bethpage, according to IDA documents.
Following a public hearing Thursday morning, an agency official said the IDA will review Steel Equities' request to purchase a Goya Foods Inc. distribution facility on Grumman Road West.
The company wants to renovate the existing 161,360-square-foot building on the 16-acre property and build a 44,000-square-foot building adjacent to it. The plans include a multitenant office, warehouse and industrial space, and specify a sublease for FedEx Freight Inc. in part of the space, according to an IDA public notice.
"Right now, this is all still being discussed," IDA executive director Joseph J. Kearney said following the meeting. After reviewing the plans for the project, the agency will commission an economic report and real estate appraisal of the proposed site before making a final decision.
According to an application obtained by Newsday under the State's Freedom of Information Law, Steel Equities has asked the county's IDA for a sales tax exemption of as much as $440,000 on the purchase of construction materials, equipment and other items needed to make improvements and additions to the property; a mortgage recording tax exemption of more than $240,000; and a break on property taxes in an amount still to be determined.
"We will continue to discuss with the applicant and the applicant's counsel the nature of the financial relief that we can agree on," Kearney said after the meeting.
FedEx Freight is the only prospective tenant so far, and the company is expected to occupy the new building planned for the site. The courier is proposing to move around 60 jobs from West Babylon to the planned building, the application said.
Bethpage-based Steel Equities, managed by brothers Joseph and Glenn Lostritto, has taken on several renovation and rebuilding projects in Bethpage, including a $10 million rehabilitation of a former Grumman Corp. factory in 2013.
Steel Equities hopes to close on the sale before the end of the year, a legal representative with the company said.