Babylon IDA holding hearings to consider tax breaks that would save companies more than $3M
Rejuvenol Laboratories Inc. wants to expand its operations in Copiague and is seeking a 15-year PILOT agreement that would save the company an estimated $1.03 million in taxes. Credit: Johnny Milano
The Babylon Town Industrial Development Agency will hold public hearings Tuesday on three proposed tax abatement deals that would save companies a total of more than $3.1 million in property taxes.
The first hearing is for National Compressor Exchange Inc. of Ridgewood, Queens, which specializes in the remanufacture and rebuilding of commercial refrigeration. The company wants to move its operations to two adjacent properties at 1900 New Hwy. and 5 Dubon Ct. in East Farmingdale.
They are seeking a 12-year Payment in Lieu of Taxes, or PILOT, agreement with an estimated total savings of $950,400. The company also wants a sales tax exemption of $64,688 and a mortgage recording fee exemption of $45,125. Their proposed investment is $15.75 million, and the company said it will bring in 45 jobs over the next few years.
National Compressor Exchange said in its application that it needed the tax abatement to stay in New York, "expand its manufacturing base, maintain overhead costs, and not to increase the cost to the customer base." The company noted that it has "received a proposal from Georgia with a very attractive package."
The second hearing is for a Copiague company, Rejuvenol Laboratories Inc., which wants to expand its operations. The company is a manufacturer and distributor of hair care products and other salon items. It is based out of 130 Lincoln St. and 100 Court St. and is seeking to expand at the Lincoln Street address and purchase 132 Lincoln St.
Rejuvenol is seeking a 15-year PILOT agreement that would save the company an estimated $1.03 million in taxes over that time period. It also wants a sales tax exemption of $8,625 and a mortgage recording fee exemption of $11,250. The company has a proposed investment of $2.37 million and anticipates bringing in 10 jobs over the next few years.
Rejuvenol also stated in its application that it needed the abatement to stay in New York State, noting that the company has considered "a consolidation of its two existing facilities into one, new larger facility in Elizabeth, N.J."
The final hearing is for Lighthouse Village Estates LLC, which plans to build 16 apartments on vacant land on Lake Boulevard in Lindenhurst. The developer is seeking a 20-year PILOT that would save a total of $1.14 million in taxes. It is also requesting a sales tax exemption of $97,316 and a mortgage recording fee exemption of $28,500.
In total, if approved the three proposed deals will save the companies more than $3.39 million.
The hearings will begin at 1 p.m. at the IDA offices at 47 W. Main St. in Babylon.
Denise Bonilla has worked at Newsday since 2003 and covers the Town of Babylon, including the villages of Lindenhurst and Amityville.
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