The Glen Cove City School District board Thursday night voted 5-1 to approve the district receiving a lower share of revenue from the Garvies Point waterfront project than they would typically receive from such developments.
The vote was the final approval of the four taxing bodies affected by the allocation change: the schools, the city, Nassau County and the Glen Cove Public Library.
The vote allows the Glen Cove Industrial Development Agency to issue a $97 million bond, costing $283 million over 30 years with interest and other costs. Michael Zarin, an attorney for the IDA on the project, said the bond could have been endangered if the change in tax allocation hadn’t passed.
The school district will receive 52.7 percent of the $331.9 million in payments in lieu of taxes for Garvies Point over 40 years, instead of the typical 62 percent, according to the city.
Reports commissioned by the city estimate the schools would receive nearly $293 million in revenue over 40 years, including sales taxes and sewer fees. Critics of the waterfront project have disputed that number, in part because it does not include the additional costs schools will bear for educating children living in Garvies Point.
The school board vote came a day after a Nassau County Supreme Court judge threw out two lawsuits that aimed to stop construction of Garvies Point, which would include 1,110 apartments and condominiums, parks, stores, offices and marinas.
The last hurdle before construction is approval from federal and state environmental officials, who have said they expect the 20-year remediation of land where metal processing and disposal took place will be complete within the next few months.
Developer Scott Rechler said Thursday he plans to have equipment mobilized so “we’re starting construction at the moment” of environmental clearance.