It seems there’s always some barrier to the revitalization of Glen Cove’s waterfront. Recently, it was the Village of Sea Cliff, which is suing to stop the important Garvies Point project over concerns that their view would change because of two 11-story buildings that developers propose to build across the Glen Cove Creek.
Now, Democrats on the Nassau County Legislature are objecting. It’s rare that the county has much to say on a local project, but Glen Cove wants to issue a $97 million bond for public parks, roads and other amenities. In a financing concept that’s relatively new here, but has succeeded in New York City and elsewhere, the bond would be repaid with revenue generated by the project. Glen Cove wants a higher percentage of the revenue, and that means the county, school and library districts would all get less. The legislature is expected to vote Monday on a proposal to lower its share from 7.5 percent to 6.4 percent.
In committee votes, the Democrats, led by Legis. Delia DeRiggi-Whitton of Glen Cove, said no. She criticizes the project’s look and density, and says the developer, RXR Glen Isle Partners, should fund the public amenities. But RXR says it is already putting in $90 million, subsidizing the ferry, and paying for other needs.
Garvies Point is key to revitalizing Glen Cove, and it is the answer to a regional need for housing with amenites to attract young workers. The Nassau legislature should approve the plan. Supporters say Garvies Point should bring in $905 million in revenue over 40 years. Repaying the bond would cost $283 million. That would leave $622 million for the city, schools, library and, yes, Nassau County. Right now? That number is zero. — The editorial board