Glen Cove IDA: Taking Care of Business ~ Progress at Village Square!
Village Square Demolition 9/7/17
RXR Glen Cove Village Square LLC is a project is in the heart of our downtown and a centerpiece in the revitalization of Downtown Glen Cove. The project will attract tourists, diners, shoppers, and the developer is dedicating certain parcels for the City’s public use to continue with the tradition of Downtown Sounds, holiday celebrations, parades/events, etc. The abatement began in August 2017 with demolition of first building on 9/7/17 (see photos to right side of screen).
IDA approved Payment in Lieu of Taxes (PILOT) on 8/22/17 whereby proposed taxes will be $183K (20% greater than the existing taxes received by the City) and will remain at that level during the first three years of construction; the following 15 years will increase the taxes by 2% annually whereby the PILOT will then become 35% greater to $246K. Sales tax benefit $917K with mortgage recording tax benefit of $327K for a total $1,234M (City share approximately $12K).
The economic impact to the City of Glen Cove generated on this project estimates that as a result of household spending of new residents through the addition of 146 units in Glen Cove, 34 net new jobs (33 direct/1 indirect) will be created with $1.2M in earnings and $3.4M in sales within the City of Glen Cove, annually.
Additionally, it is estimated that 31 net new jobs (30 direct/1 indirect) will be created to undertake property management and maintenance as a result of the project.
The combined economic impact equates to 65 jobs created through the additional household spending, operation and maintenance generating $2.2M in earnings based on $7.3M in sales.
An estimated 10 full time jobs will be created after project completion consisting of 1 management, 1 supervisory and 8 laborers.
Additionally, 225-300 construction jobs will be created in connection with the project detailed as follows:
165K sq. ft. facility on 2.5 acres
133 rental units with 10% bonus for affordable housing for a total of 146 units (42 studios; 76 1BR; 28 2BR)
16K sq. ft. open space dedicated to the City of Glen Cove
Mixed use development with approximately 17K sq. ft. commercial below the residential units.
30% of space minimum will be dedicated to restaurant.
Approximately 18-24 months for completion
GARVIES POINT PROGRESS
Mayor Reginald Spinello, public officials, business and civic leaders, executives from RXR Realty and dozens of Glen Cove community members came together on Tuesday, December 6th to break ground on Garvies Point. The event was the culmination of years of collaboration between the City of Glen Cove and RXR Realty, and marks the beginning of the $1 billion effort to reclaim Glen Cove's waterfront for the community.
"Today's groundbreaking is a milestone for the City of Glen Cove more than 40 years in the making," said Scott Rechler, chairman and chief executive officer of RXR Realty. "What long has been a hope of the Glen Cove community - a vibrant, publicly accessible waterfront - will soon become a reality."
The first phase of the project, including 28 acres of public open space and amenities, is expected to be complete in 2018.
Pictured Left-Right: Joe Graziose, Don Monti, Mike Posillico, Myralee Machol, Mayor Reggie Spinello, RXR Chairman/CEO Scott Rechler, RXR President/CFO Michael Maturo, RXR COO Todd Rechler, RXR VP Development Frank Haftel
Pictured left to right: Noel Diehl, Tony Jimenez, Camille Byrne, Myralee Machol, Barbara Peebles, Mayor Reggie Spinello, Vincent Hartley, Mike Famiglietti, Lisa Travatello, Tab Hauser
Private office suites located at 50 Glen St., Glen Cove, NY is a beautifully appointed free-standing building right in the heart of Downtown Glen Cove and within walking distance to public transportation (LIRR). YouOffice offers private, cost-effective work suites designed to inspire creativity, collaboration, and connections. The multifunctional office collective allows you to plug + play with 24/7 access, giving you maximum flexibility with minimum maintenance. Elegantly designed industrial chic office space offers a community where entrepreneurs and small business owners can connect while also having a private beautifully designed office to get work done. The Glen Cove IDA provided financial assistance to 50 Glen Partners LLC in December of 2015 consisting of a freeze on the property taxes for seven years with an increase of 2% each year. This project will serve the public by preserving as well as increasing the amount of permanent private sector jobs. The granting of Financial Assistance by the IDA will promote job opportunities; improve general prosperity and economic welfare of the citizens of Glen Cove.
TDG Glen Cove LLC (“TDG”) AMC Movie Theatre
5 School Street
Glen Cove, NY 11542
On December 27, 2013, the IDA entered into a PILOT Agreement with TDG Glen Cove, LLC. The term is for 15 years and will begin in 2014. During construction 25 jobs were created and 8 full time positions post construction. The former movie theatre had been closed since April 2013 and retention of Glen Cove Cinema from April 1, 2014 through April 2017 has retained multiple jobs and kept businesses thriving in our downtown.
In April 2017, Glen Cove is very fortunate to attract AMC Theaters as we announce that they will be the new operator of the Glen Cove Movie Theater! Securing a national tenant of this caliber is a clear example that Glen Cove is open for business, and the revitalization continues to move forward.
Newly renovated AMC Theaters officially opened its doors September 2017 with ribbon cutting ceremony 9/6/17.
PR Glen Cove Storage, LLC 88-90 Hazel Street Glen Cove, NY 11542
In December 2013, Men On The Move Storage, (MOTM) was sold to PR Glen Cove Storage LLC, (“PRGC”). The site is located at 88-90 Hazel Street, a valuable and highly visible location which was previously one of the abandoned Photocircuits commercial buildings. The company's mission is to provide an easily and accessible self-storage company to the residents of Glen Cove. The IDA received an admin fee of $70,375. PRGC assumed MOTM’s PILOT for nine years beginning in 2014 and are also required to employee 3 full time employees. The total project costs for the project are $18,100,000.
The Regency at Glen Cove has been an integral part of the Glen Cove community since 1992, hosting educational seminars to benefit the local population. The Regency has received financial assistance from the Glen Cove Industrial Development Agency consisting of an extension of the existing PILOT for a proposed memory impairment project to include 22 memory care units and three additional assisted living units increasing the unit count from 96 to 121. The project will also create additional common space and other aesthetic and functional improvements within the building to significantly enhance the quality of life for its residents. The renovations will improve the facade viewed from School Street and Forest Avenue. The project will not impact on City services including little to no impact on the City schools, fire protection, protection, library, police and garbage disposal. The summary of benefits to the City of Glen Cove for the proposed expansion project will include 11 construction phase jobs; and permanent job creation of 16 direct on-site jobs. In July 2013 the IDA approved the execution and delivery of the Second Amended and Restated PILOT.