The Babylon Industrial Development Agency will hold a public hearing Wednesday on giving a $12 million tax break to a new apartment building in Wyandanch.
The IDA is offering Albanese Organization Inc. of Garden City, a 30-year tax abatement for 11 Park Dr. a building being constructed to wrap around the Wyandanch LIRR parking garage that will have 94 affordable apartments for senior citizens. Selfhelp Community Services Inc., a not-for-profit independent living organization, will co-own the building, known as Building D, along with Albanese. The building is part of the town’s Wyandanch Rising redevelopment.
The PILOT, or payment in lieu of taxes, will save the company $854,867 in sales tax and nearly $11.29 million in property taxes, totaling $12.14 million in savings. The company, which is investing $40.5 million in the building, will have a 3% increase each year, paying $84,600 in the first year of the PILOT and $199,366 in the last year, with an estimated $4.02 million in property taxes paid over the life of the deal, according to IDA special projects manager Brendan Murphy.
The IDA gave Albanese a 40-year deal on their recently completed a 123-unit building known as Building E, which will save them $15.5 million in property taxes.The developer also received 40 -and 30-year PILOTS for buildings A and B, which have 177 units and retail space. Those deals are estimated to save the company $16.6 million in property taxes.
The hearing will take place at 8 a.m. at Babylon Old Town Hall, 47 W. Main St., Babylon.