Officials said the Nassau County Industrial Development Agency is continuing its mission to promote economic development by providing financial assistance and tax relief.
But in recent years, the agency has expanded its role to assisting developers of affordable rental housing in Nassau and helping to revive the downtowns of the county’s hamlets and villages.
“There’s no question that on Long Island, we have a critical housing shortage,” Nassau IDA Board Chairman William Rockensies said. “We hope that the incentives we offer to developers of rental housing will result in greater availability of quality rental housing, including affordable homes, to the workforce and seniors in Nassau County.”
The Nassau IDA is currently working on projects in Garden City, Port Washington, Hicksville and Mineola.
In Garden City, a 170-room, $75.6 million hotel is being planned for the parking lots around Roosevelt Field Mall with the creation of more jobs.
Port Washington may receive a retirement community, which has the added benefit of job creation.
In Hicksville, a $134 million project will be underway to create 189 rental homes soon.
To boost the village’s housing stock, 30 apartments will be built in Mineola in a transit-oriented housing development near the train station.
The Nassau IDA has already completed similar projects in Roslyn and Woodbury.
In Roslyn, Bryant Plaza apartments are now being leased at a new $50 million mixed-use, transit-oriented development which was once a strip of dilapidated retail stores.
Most recently, Total Fire Protection relocated its operations and 200 jobs from Brooklyn and Bellmore to a 31,250-square-foot building in Woodbury.
“All of these projects create synergies that drive the region forward,” Rockensies said. “Bringing new residents and visitors improves the county’s economy because they earn money and spend it in the county.”
The Nassau IDA has the authority to issue tax-exempt and taxable bonds, grant property tax abatements, mortgage recording tax exemptions, and full sales tax exemption for qualified applicants during the construction phase.
A report card issued by state Comptroller Thomas DiNapoli showed that as of Dec. 31, 2022, projects aided by the Nassau IDA hired the most people—13,870 jobs—among Long Island’s eight IDAs. The Nassau IDA’s roster of 166 projects had the largest total value, $4.6 billion.
The Nassau IDA, created under state law almost 50 years ago, does not rely on taxpayer funds. Its all-volunteer board is funded by fees paid by corporate applicants for its assistance.
Although it offers abatements, the IDA does not reduce taxes.
In many cases, its efforts have increased revenues for school districts and municipalities by putting unproductive properties back on the tax rolls, the Nassau IDA said in a statement.
The Nassau County IDA can be reached at 516-571-1945 or via email at [email protected]
