A developer planning to spend almost $16 million to build 40 apartments next to an elementary school in North Babylon is seeking a 44 percent tax break from the Babylon Industrial Development Agency.
The Babylon IDA is considering the application from Parkway Village Estates, to be located at 766-768 Deer Park Ave. The 2.2-acre lot is zoned business and needs a zone change to multi-family residential from the Town of Babylon. It is immediately to the south of Marion G. Vedder Elementary School.
Twenty percent of the units in the proposed 48,000-square-foot building would be affordable, as required by the town, and units would first be rented in May 2021.
If the project gets all its permits, the developer is hoping to begin construction in June 2019.
The developer is seeking a payment in lieu of taxes for 20 years that would save the financial backers $2.2 million in property taxes over that period, paying $2.8 million. The application also seeks a mortgage tax and sales tax exemption.
The plan is under review in the Town of Babylon Department of Planning and Development and still needs approval from the town board, planning board and zoning board of appeals, town spokesman Kevin Bonner said.