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2006 Projects

NASSAU COUNTY INDUSTRIAL REVENUE BONDS AND LEASE AGREEMENTS

 

 

The following bonds and lease agreements closed in 2006

 

Stoneridge Homes –

 

 Stoneridge Homes, Inc., a corporation organized and existing under the laws of the State of New York (the “Applicant”) presented an application for financial assistance (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) consisting of the following: (A) (1) the acquisition of an interest in three (3) parcels of land located at 735-765 Prospect Avenue, 816-822 Prospect Avenue and 839 Prospect Avenue, each in New Cassel, Town of North Hempstead, County of Nassau, New York (collectively, the “Land”), (2) the construction of approximately 37,440 square foot, 28,596 square foot and 18,936 square foot multi-use buildings, together with related improvements, respectively, on the parcels of property constituting the Land (collectively, the “Buildings”), and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”),  all of the foregoing to constitute mixed-use residential/commercial facilities (collectively, the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”); and (C) the lease (with an obligation to purchase) or sale of the Project Facility to the Applicant or such other entity as may be designated by the Applicant and approved by the Agency.

The Project would be initially owned, operated and/or managed by the Applicant or such other entity as may be designated by the Applicant and agreed upon by the Agency.

B&R

 

B. & R. Machine & Tool Corp., a corporation organized and existing under the laws of the State of New York (“B&R”), on behalf of itself and Manter LLC, a limited liability company organized and existing under the laws of or qualified to do business in the State of New York (“Manter” and together with B&R, the “Applicants”), presented an application for financial assistance (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) consisting of the following: (A) (1) the acquisition of an interest in an approximately 3.5 acre parcel of land located at 717 Main Street, Town of North Hempstead, County of Nassau, New York (the “Land”), (2) the renovation of an approximately 91,500 square foot warehouse/manufacturing building, together with related improvements, located on the Land (collectively, the “Building”), and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”),  all of the foregoing to constitute a manufacturing facility (collectively, the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing; and (C) the lease (with an obligation to purchase) or sale of the Project Facility to Manter and the sublease of the Project Facility by Manter to B&R.

The Project would be initially owned, operated and/or managed by the Applicants or such other entity as may be designated by the Applicants and agreed upon by the Agency (the Applicants or such other entity, the “Company”).

The Company would receive financial assistance from the Agency in the form of potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”).

 

OSI Pharmaceuticals Inc

OSI Pharmaceuticals Inc., a corporation incorporated under the laws of Delaware and qualified to do business as a foreign corporation in the State of New York (the “Applicant”), presented an application (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project or projects (collectively, the “Project”) consisting of the following: (A) (1) the acquisition of an interest in a leasehold interest in an approximately 2.2 acre parcel of land located at 106 Charles Lindbergh Boulevard, Uniondale, Town of Hempstead, County of Nassau, New York and in an approximately 30,000 square foot building thereon (collectively, the “Premises”) containing space for use in connection with manufacturing, laboratory, development, warehousing and office purposes and related improvements, (2) the renovation of the existing building to improve the office space and add laboratories and bulk chemical pilot plant and drug manufacturing capabilities, and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and manufacturing, office and lab testing equipment and computers (the “Equipment”),  all of the foregoing to constitute a facility for use in connection with the manufacturing and development of pharmaceutical products (collectively, the “Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”); and (C) the lease (with an obligation to purchase), license or sale of the Agency’s interest in the Project Facility to the Applicant or such other entity as may be designated by an Applicant and agreed upon by the Agency.

The Project would be initially owned, operated and/or managed by the Applicant or such other entities as may be designated by the Applicant and agreed upon by the Agency (the Applicant or such other entities, collectively, the “Company”).

The Company would receive Financial Assistance from the Agency in the form of full or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”).

 

YOUNG ADULT INSTITUTE, INC

YOUNG ADULT INSTITUTE, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $1,175,000, but not to exceed $1,410,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $80,000, but not to exceed $120,000:

a.                   to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building of approximately 2,553 square feet located on approximately 8,300 square feet of land located at 3737 Martin Court, Seaford, New York (Town of Hempstead), and renovations thereto, and the purchase of furnishings and equipment with respect thereto, to be used as an individualized residential alternative facility for 7 individuals with mental retardation and developmental disabilities ("Project A-1”);

b.                  to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 5,337 square feet located on approximately 11,250 square feet of land located at 197 Canterbury Road, Village of Williston Park, Town of North Hempstead, New York (Village of Williston Park) to be used as an individualized residential alternative facility for 10 individuals with mental retardation and developmental disabilities ("Project A-2”); and

c.                   to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 3,186 square feet located on approximately 21,904 square feet of land located at 18 La Marcus Avenue, Glen Cove, New York (City of Glen Cove), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities ("Project A-3”);

                                (Projects A-1 through A-3, inclusive, being collectively referred to herein as the “Projects”).  The Issuer expects to issue its tax-exempt civic facility revenue bonds (the “Tax-Exempt Bonds”) for the Projects in an aggregate principal amount presently estimated to be approximately $1,175,000 but not to exceed $1,410,000.  In addition, the Issuer expects to issue its taxable civic facility revenue bonds, (the “Taxable Bonds”) for the Projects in an aggregate principal amount estimated to be approximately $80,000, but not to exceed $120,000.  The Tax-Exempt Bonds and the Taxable Bonds are hereinafter referred to collectively as the “Bond    In addition to receiving financial assistance from the Issuer in the form of bond financing, the Corporation will receive financial assistance from the Issuer in the form of mortgage recording tax exemptions.

 

 

 

 

GCP. LLC Photocircuts

 

                                                                               

GCP, LLCa limited liability company organized and existing under the laws of the State of Nevada (the “Applicant”), requested that the Agency consider undertaking a project (the “Project”) consisting of the following:  (A) the acquisition of an interest in an approximately 8.28 acre parcel of land located at 31 Sea Cliff Avenue, Town of Oyster Bay, County of Nassau, New York (the “Land”), together with the improvements thereon (collectively, the “Building”), all of the foregoing to constitute a commercial manufacturing facility (the Land and the Building being referred to herein, collectively, as the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including a potential exemption or partial exemption from mortgage recording taxes (collectively, the “Financial Assistance”); and (C) the lease (with an obligation to purchase) or sale of the “Project Facility to the Lessee.

 

 

BLUESTONE

 

Blue Cassel Realty, L.P., a limited partnership organized and existing under the laws of the State of New York (the “Residential Applicant”), and Blue Cassel Commercial Realty, LLC, a limited liability company organized and existing under the laws of the State of New York (the “Commercial Applicant” and together with the Residential Applicant, collectively, the “Applicants”), presented a joint application (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) consisting of the following: (A) (1) the acquisition of an interest in an approximately 1.05 acre parcel of land located at 701, 715, 721 and 829 Prospect Avenue, New Cassel, Town of North Hempstead, County of Nassau, New York (the “Land”), (2) the construction of an approximately 123,250 square foot building (inclusive of indoor parking), together with related improvements, on the Land (collectively, the “Building”), and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”), all of the foregoing to constitute a mixed-use residential/commercial condominium building (collectively, the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing; (C) the lease (with an obligation to purchase) or sale of the residential condominium portion of the Project Facility to the Residential Applicant and the commercial condominium portion of the Project Facility to the Commercial Applicant; and (D) the guaranty by The Bluestone Organization of the obligations of the Applicants in connection with the Project.

The Company would receive financial assistance from the Agency in the form of potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”).

 

 

 Brush Hollow

 

Brush Hollow Inn LLC, a limited liability company organized and existing under the laws of the State of New York (the “Applicant”), presented an application for financial assistance (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) consisting of the following: (A) (1) the acquisition of an interest in an approximately 1.27 acre parcel of land located at 4000 Brush Hollow Road, Westbury, Town of Oyster Bay, County of Nassau, New York (the “Land”), (2) the construction of an approximately 112 room hotel on the Land (the “Building”), together with related improvements to the Land, and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”), all of the foregoing to constitute a hotel and spa facility, together with associated parking areas (collectively, the “Project Facility”); (B) the financing of all or a portion of the costs of the foregoing by the issuance of federally taxable revenue bonds of the Agency in one or more series presently estimated to be in the approximate aggregate principal amount of $13,000,000 but not to exceed $15,000,000 (the “Bonds”); (C) the granting of certain other “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing; and (D) the lease (with an obligation to purchase) or sale of the Project Facility to the Applicant or such other entity as may be designated by the Applicant and agreed upon by the Agency.

The Project Facility would be initially owned, operated and/or managed by the Applicant or such other entity as may be designated by the Applicant and agreed upon by the Agency (the Applicant or such other entity, the “Company”).

In addition to the issuance of the Bonds, the Company would receive financial assistance from the Agency in the form of potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (together with the issuance of the Bonds, collectively, the “Financial Assistance”).

Alliance Group

COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:

(a) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 5,908 square feet located on approximately 3.0 acres of land located at 100 Red Spring Lane, Glen Cove, New York (City of Glen Cove), to be used as an individualized residential alternative facility for 12 individuals with mental retardation and developmental disabilities  (b)to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 4,000 square feet located on approximately 0.50 acres of land located at 23 New Woods Road, Glen Cove, New York (City of Glen Cove), to be used as an individualized residential alternative facility for 10 individuals with mental retardation and developmental disabilities .
(c) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 2,392 square feet located on approximately 0.24 acres of land located at 35 Circle Drive, Glen Cove, New York (City of Glen Cove), to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities
(d) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 2,700 square feet located on approximately 0.21 acres of land located at 3 Dalex Court, Glen Cove, New York (City of Glen Cove), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities 
THE LITTLE VILLAGE HOUSE, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $805,000, but not to exceed $965,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $25,000, but not to exceed $37,500, to provide for financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 1,820 square feet, located on approximately 0.56 acres of land located at 1288 Port Washington Boulevard, Port Washington, New York (Town of North Hempstead), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities
COMMUNITY MAINSTREAMING ASSOCIATES, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $1,185,000, but not to exceed $1,425,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $25,000, but not to exceed $37,500, to provide for financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 1,500 square feet, located on approximately 0.125 acres of land located at 16 Carleton Street, Westbury, Town of North Hempstead, New York (Village of Westbury), and renovations thereto, and the purchase of furnishings and equipment with respect thereto, to be used as an individualized residential alternative facility for 5 individuals with mental retardation and developmental disabilities
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 2,404 square feet located on approximately 0.18 acres of land located at 633 Livingston Street, Westbury, Town of North Hempstead, New York (Village of Westbury), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities   and
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 1,419 square feet located on approximately 0.14 acres of land located at 31 Ontario Avenue, Plainview, New York (Town of Oyster Bay), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities
(b) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 2,862 square feet located on approximately 0.31 acres of land located at 4 Village Drive, Jericho, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities
(c) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 3,616 square feet located on approximately 1.0 acres of land located at 106 Split Oak Drive, East Norwich, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 10 individuals with mental retardation and developmental disabilities
(d) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 2,400 square feet located on approximately 1.0 acres of land located at 52 Orchard Drive, Woodbury, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 9 individuals with mental retardation and developmental disabilities
(e) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 1,578 square feet located on approximately 0.17 acres of land at 21 Evers Street, Hicksville, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 5 individuals with mental retardation and developmental disabilities
(f) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 2,084 square feet located on approximately 0.27 acres of land located at 7 Birchwood Park Crescent, Jericho, New York (Town of Oyster Bay), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities
(g) to provide for the financing and/or refinancing of all or a portion of the costs of the construction of a new building of approximately 9,594 square feet located on approximately 5.03 acres of land with existing buildings thereon which are presently owned and occupied, located at 980 Washington Avenue, Plainview, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities
(h) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 4,000 square feet located on approximately 0.14 acres of land located at 21 Country Court, Hicksville, New York (Town of Oyster Bay), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities (“Project B-19”); and
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 1,600 square feet located on approximately 0.26 acres of land located at 80 Bethpage Road, Farmingdale, Town of Oyster Bay, New York (Village of Farmingdale), to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities 
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 1,808 square feet located on approximately 0.14 acres of land located at 392 Jeffrey Avenue, East Meadow, New York (Town of Hempstead), and renovations thereto, to be used as an individualized residential alternative facility for 5 individuals with mental retardation and developmental disabilities
(b) to provide for the financing and/or refinancing of all or a portion of the costs of the acquisition of land and an existing building thereon of approximately 1,841 square feet located on approximately 0.14 acres of land located at 227 Ronni Drive, East Meadow, New York (Town of Hempstead), and renovations thereto, to be used as an individualized residential alternative facility for 6 individuals with mental retardation and developmental disabilities
(c) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 5,562 square feet located on approximately 0.35 acres of land located at 2149 Jones Avenue, Wantagh, New York (Town of Hempstead), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities  
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 3,600 square feet located on approximately 0.20 acres of land located at 160 Jackson Avenue, Garden City, Town of Hempstead, New York (Village of Garden City), to be used as an individualized residential alternative facility for 8 individuals with mental retardation and developmental disabilities
COMMUNITY SERVICES FOR THE MENTALLY RETARDED, INC., financial assistance to be provided in the form of tax-exempt civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $9,250,000, but not to exceed $11,100,000, and taxable civic facility revenue bonds presently estimated to be in the approximate aggregate principal amount of $280,000, but not to exceed $420,000:
(a) to provide for the financing and/or refinancing of all or a portion of the costs of the renovation of an existing building of approximately 2,884 square feet located on approximately 0.23 acres of land located at 53 South Cottage Street, Valley Stream, Town of Hempstead, New York (Village of Valley Stream), to be used as an individualized residential alternative facility for 7 individuals with mental retardation and developmental disabilities

all in connection with the following matters: Alliance of Long Island Agencies, Inc. (“Alliance”), a New York not-for-profit corporation, and an organization described in Section 501(c)(6) of the Code, has requested that the Issuer finance on behalf of the not-for-profit agencies which are the members of, and/or are authorized to participate by, the Alliance and each of which is a New York not-for-profit corporation, and an organization described in Section 501(c)(3) of the Code as the respective Applicants referenced above in connection with the respective civic facilities located in Nassau County, New York, as referenced above (collectively defined herein as the "Projects").

Cold Spring Harbor Labs

Cold Spring Harbor Laboratory, a not-for-profit corporation organized and existing under the laws of the State of New York (the “Applicant”), has requested that the Agency provide financial assistance for the Applicant in the form of tax-exempt and/or taxable revenue bonds presently estimated to be in the approximate aggregate principal amount of $50,000,000 but not to exceed $55,000,000 (the “Bonds”),  the proceeds of which would be used to finance a portion of the costs of the acquisition, construction, installation and equipping by the Agency of a project (the “Project”) consisting of: (1) the construction of six (6) research buildings and a chiller building comprising approximately 120,000 aggregate square feet of space (collectively, the “Buildings”), together with related site improvements, on an approximately 11 acre site and the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”) and  (2) capital improvements to, and the acquisition of furniture, fixtures or equipment  in, other existing buildings and structures, all located on the Applicant’ main campus located at 1 Bungtown Road, Village of Laurel Hollow, Town of Oyster Bay, County of Nassau, New York, all of the foregoing constituting part of an operationally integrated  bio-medical research facility.

In addition to receiving financial assistance from the Agency in the form of bond financing, the Applicant would receive financial assistance from the Agency in the form of a full or partial exemption from mortgage recording taxes (collectively, the “Financial Assistance”).

PLAINVIEW FIRE DEPARTMENT

Plainview Volunteer Fire Department Inc., a not-for-profit corporation organized and existing under the laws of the State of New York (the “Applicant”), has requested that the Agency provide financial assistance for the Applicant in the form of tax-exempt and/or taxable revenue bonds presently estimated to be in the approximate aggregate principal amount of $6,000,000 but not to exceed $7,500,000 (the “Bonds”),  the proceeds of which would be used to finance a portion of the costs of the acquisition, construction, renovation, installation and equipping by the Agency of a project (the “Project”) consisting of: (1) the acquisition of an interest in an approximately 1.8 parcel of property located at 958 Round Swamp Road, Plainview, Town of Oyster Bay, County of Nassau, New York (the “Land”), (2) the expansion  and renovation of an existing building and related improvements on the Land (collectively, the “Building”), and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”),  all of the foregoing to constitute a firehouse and related uses (collectively, the “Project Facility”).

The Project Facility would be initially owned, operated and/or managed by the Applicant or such other entity as may be designated by the Applicant and agreed upon by the Agency (the Applicant or such other entity, the “Company”).

In addition to receiving financial assistance from the Agency in the form of bond financing, the Company would receive financial assistance from the Agency in the form of a full or partial exemption from mortgage recording taxes (collectively, the “Financial Assistance”).

 

 

Stoneridge

Stoneridge Homes, Inc., a corporation organized and existing under the laws of the State of New York (the “Applicant”) presented an application for financial assistance (the “Application”) to the Agency, which Application requested that the Agency consider undertaking a project (the “Project”) consisting of the following: (A) (1) the acquisition of an interest in three (3) parcels of land located at 735-765 Prospect Avenue, 816-822 Prospect Avenue and 839 Prospect Avenue, each in New Cassel, Town of North Hempstead, County of Nassau, New York (collectively, the “Land”), (2) the construction of approximately 37,440 square foot, 28,596 square foot and 18,936 square foot multi-use buildings, together with related improvements, respectively, on the parcels of property constituting the Land (collectively, the “Buildings”), and (3) the acquisition and installation therein and thereon of certain furniture, fixtures, machinery and equipment (the “Equipment”),  all of the foregoing to constitute mixed-use residential/commercial facilities (collectively, the “Project Facility”); (B) the granting of certain “financial assistance” (within the meaning of Section 854(14) of the Act) with respect to the foregoing, including potential exemptions or partial exemptions from sales and use taxes, mortgage recording taxes and real property taxes (but not including special assessments and ad valorem levies) (collectively, the “Financial Assistance”); and (C) the lease (with an obligation to purchase) or sale of the Project Facility to the Applicant or such other entity as may be designated by the Applicant and approved by the Agency.

The Project would be initially owned, operated and/or managed by the Applicant or such other entity as may be designated by the Applicant and agreed upon by the Agency.

 

 

 




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