The Nassau County Industrial Development Agency is expected to vote Tuesday on granting a 20-year property tax break for a $38-million mixed-use, transit-oriented development planned in downtown Farmingdale.
The vote on the Bartone Plaza project would follow four postponements by the IDA and passage of a resolution by the village board Monday night asking the IDA to act.
IDA chairman Timothy Williams said the delay was caused by the agency wanting to vote on the two phases of the project at the same time and then waiting for the paperwork to be completed for the second phase.
“It was an effort to manage both phases together,” he said. “It has strong support. It is an excellent project that we look forward to voting on.”
In its resolution, the village board stated it has “determined that the development is in the best interest of the village and the public at large and has granted site plan, special permit and incentive bonus approval for the development. The village board believes that the development is an integral component of the village’s plan to develop a vibrant and flourishing downtown” and the IDA action would be required to make “the development economically feasible.”
Mayor Ralph Ekstrand said, “The application was postponed four times since last November. Everything is in place but the banks cannot lend the money without knowing” what the tax exemption will be.”
With the resolution, he said, “We wanted to show the Nassau County IDA, the County Legislature and the county executive how important this is to the development of our downtown for our residents and our businesses.”
If the IDA approves the tax break, called a PILOT, or payments in lieu of taxes, the developers would make payments of about $201,000 the first year, with the amounts increasing to about $1.9 million in the 20th year.
Bartone Properties, of Farmingdale, has partnered with TDI, of Irving, Texas, to develop 154 apartments and more than 19,000 square feet of retail space near the Long Island Rail Road station.
Developer Anthony Bartone said without the tax break the project is not viable. He said the postponements set the project back about two months and he hopes to break ground this summer. Construction would take 18 months.