The future of the potential residential rental units at the corner of Union Boulevard and 4th Avenue in Bay Shore remains on hold as a public hearing on the property approaches next month.
Following a resolution passed by town board members Tuesday, Oct. 20, the Islip Town Industrial Development Agency Board will consider providing assistance to TREC Bay Shore, LLC, the company responsible for the property previously owned by Touro College. However, no determination for financial assistance has been made at this time.
In a statement, IDA executive director John Walser said when the IDA closes on this transaction, the agency will have a leasehold interest in the property.
Leasehold interest is a legal right acquired by an individual or corporation to use a certain property for a limited period of time.
During the meeting, Walser said the mixed-use, mixed-income development will “continue the revitalization of our largest downtown.”
“This project promises to bring substantial positive economic impact, both short-term and long-term, in the town on a property that is destined to be vacant and never produced any property tax revenue.” Walser said.
On Sept. 17, Islip Town Planning Board approved the company’s request for a change of zone from a business district to downtown development district. This allowed the developer to construct a 418-unit apartment complex in the location.
Approximately $164 million will be allocated to purchase and construct the 418 mixed-use, mixed-income, transit-oriented development at 80 percent AMI, or area median income, Walser said in a statement.
According to documents that TREC Bay Shore, LLC submitted to the town, representatives conducted a cost-benefit analysis through a third party and the applicant met with Bay Shore residents regarding the property.
“Once constructed, the project is estimated to support 174 jobs and $7 million in associated earnings annually throughout the Town of Islip,” a summary document reads.
Labor unions, like the Long Island Builders Institute and Long Island Association, and individuals including chamber of commerce president Donna Periconi and former Bay Shore Lions Club president Emmett Christie, have expressed support for the project.
However, the Bay Shore School District has expressed opposition to the project in the past, citing substantial tax concerns for the school district.
Councilwoman Trish Bergin abstained from the vote, she said, until the details of the property tax abatement would be disclosed. Councilman John Cochrane recused himself from the vote.
A public hearing on the property has been tentatively scheduled for Nov. 16 at 10:30 a.m.