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Hempstead IDA to vote on tax breaks for Island Park apartments

A proposal seeks to build more than 80

A proposal seeks to build more than 80 luxury apartments on the former site of Paddy McGee's on Barnum Island, seen here on March 23, 2017. Credit: Danielle Finkelstein

The Hempstead Industrial Development Agency on Thursday postponed a vote on tax breaks for a developer to build 86 luxury apartments on Barnum Island, near Island Park.

The agency board was scheduled to vote on awarding the tax breaks at a meeting Thursday morning, but delayed holding a vote.

IDA officials said they postponed the vote because a clerical error was found in the tax break application before Thursday’s meeting. The IDA board members plan to decide on the request for tax breaks at their June meeting.

The Hempstead Town Board approved a zoning change in 2014 for Island Park developer WaterView Land Development LLC to spend $18 million to build on the 2 1⁄2-acre site that used to be occupied by Paddy McGee’s and the Coyote Grill before they were destroyed by superstorm Sandy.

Developers have guaranteed 10 percent of the apartments would be reserved for affordable housing. The project was proposed to attract young professionals and retirees to Island Park. An attorney for the developer said the apartments cannot be built without IDA tax breaks.

WaterView is seeking tax breaks for 15 years in a payment in lieu of taxes, or a PILOT. Developers are also seeking a sales tax exemption and a mortgage recording tax abatement. Developers also are seeking construction of a new bulkhead.

The vacant lot is valued at $4 million, with taxes this year of $111,512, according to IDA documents.

Residents of the nearby Yacht Club Condominiums have complained about the proposed apartment building obstructing ocean views and bringing traffic to the area. Developers have met with Yacht Club officials to address density and traffic concerns.

The project was endorsed by the Island Park Chamber of Commerce.

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