The Hempstead Town Industrial Development Agency is to consider tax breaks for the $1.3 million renovation of a mixed-use building in Hempstead Village, according to its agenda for its Thursday meeting.
The building’s owner, Nader Enterprises, wants to renovate the structure at 131 Fulton Ave. to create 40 residential units and 10 commercial spaces to rent, according to IDA documents.
The application, filed in December, seeks a sales tax exemption and a 10-year payment in lieu of taxes, or PILOT, the documents show. By the end of the second year of the PILOT, three new jobs would be created at an average annual salary of $36,000.
The building is currently vacant. Its 2016-17 taxes were $99,059, according to the documents. The 42,000-square-foot structure has a market value of $788,800.
The IDA board’s policy is to start PILOT payments at the current tax level and freeze them for three years, before steadily increasing the payments through the 10th year, IDA officials said.
Board members on Thursday are to hear a presentation by Nader Enterprises about the application and could hold a preliminary vote on the project. Because the project is in Hempstead, four village officials are able to vote on the IDA board.
Village attorney Debra Urbano-DiSalvo said in a statement Tuesday that Hempstead officials are not taking a position on the Fulton Avenue project before the IDA meeting.
“Throughout Mayor [Wayne] Hall’s tenure he has pursued initiatives with a steadfast commitment to placing the people of Hempstead as the top priority,” Urbano-DiSalvo said. “The Village of Hempstead will continue to aggressively seek opportunities for job creation and the development of our community.”
Hall has faced criticism over a $2.5 billion downtown redevelopment project that includes mixed-use projects along Main Street.
The Nader Enterprises building is located just outside the village downtown area and is not part of the official revitalization effort, which the developer has said will bring 18,000 jobs to the village. The Plainview-based developer, Renaissance Downtowns, received $33 million in tax breaks from the IDA last year to build a 336-unit apartment complex on a parking lot across from Hempstead Town Hall at Washington and Front streets.