The developer of a proposed 40-unit apartment complex in North Babylon is seeking a $3.5 million tax break over 30 years.
Robert Curcio Jr., principal developer of the 2.2-acre property at 766-768 Deer Park Ave., has applied for a property tax break from the Babylon Industrial Development Agency that would result in his company paying $4.9 million over 30 years and saving $3.5 million during that time, paying no property taxes for the first 6 years.
Curcio initially sought a $2.2 million tax break over 20 years, but increased the length of time and savings in a recent application to the IDA.
The vacant parcel, to be developed as Parkway Village Estates, is next to Marion G. Vedder Elementary School, and the proposal has raised traffic concerns from residents.
The developer recently amended the plan to address resident concerns by increasing buffers along the property lines, eliminating finished basements in the units, relocating buildings from the rear property line, increasing parking spots from 80 to 91, and removing a planned recreation building.
The IDA holds a public hearing to discuss the tax application on Tuesday at 10 a.m., at 47 West Main St., Suite 3, in Babylon.
It will follow a 7 p.m. public hearing on Monday before the Town of Babylon Planning Board at Town Hall in Lindenhurst to consider the developer’s application to change the parcel’s zoning from business to multi-family residential.