The Nassau County Legislature recently struck a deal. Ultimately, it means the City of Glen Cove will forgo tax revenues of $72 million over the next 40 years [“Nassau approves smaller revenue share of project,” News, Aug. 16].
The Garvies Point project will include one of the most massive buildings that Long Island has ever seen. This highly controversial 1,110-unit development is to be built on a Gold Coast peninsula on top of a Superfund site that is nowhere near any mass transit.
Glen Cove Mayor Reginald Spinello has agreed to float a $97 million tax-increment financing bond to assist developer RXR Glen Isle Partners. With the cost of reserves, contingencies and fees, as per the resolution passed by the city, the total is at least $120 million but not to exceed $150 million.
Not only is the Glen Cove Industrial Development Agency offering payments in lieu of property taxes, but the county legislature also has agreed to take an even lower percentage of the payments than would be normally due.
As one of the opponents testified at a recent mockery of a hearing, this proposal is like a shotgun wedding in which the City of Glen Cove is coercing county taxpayers into a partnership we do not want, and for which we are being forced to supply a considerable dowry.
How a county that is deeply in debt can subsidize a highly contentious and poorly planned development is beyond my comprehension.
Bruce Kennedy, Sea Cliff
Editor’s note: The writer is mayor of neighboring Sea Cliff, which wants to block the Garvies Point project.