Suffolk IDA assists Huntington Station project

Suffolk IDA assists Huntington Station project


The Suffolk County Industrial Development Agency voted to provide economic incentives to Plainview-based
Renaissance Downtowns’ redevelopment project that officials say would foster revitalization, spurring economic
development in Huntington Station.

Renaissance Downtowns is working in partnership with RXR on this $5.12 million project. It would include in its first phase the construction of a 22,599 square-foot mixed-use building featuring 16 rental apartments and 6,200 square feet of retail and commercial space on the ground floor. The project is expected to be completed in July of 2017.

The Northridge Project, as its called, would be situated at New York Avenue and Northridge Street, a busy location
that is also a five-minute walk from a Long Island Railroad station. The property has sat vacant and not generated
any tax revenues in decades, officials said.

“Revitalization projects that include mixed-use space, like what is planned for Huntington Station, are the types of
projects we hope to support as they provide a great boost to the economy and community,” said Tony Catapano,
Suffolk IDA’s executive director, in a statement.

“The economic opportunities a project like this can provide a community are significant, especially when you
consider its proximity to mass transit and main thoroughfares,” he added.

The community and the developers signed a community benefit agreement, stating that 25 percent of contracting
jobs would go to Huntington Station contractors. In addition, 25 percent of all construction and permanent jobs are
targeted for Huntington Station residents. And a fund would be established to help support community-based
programs across Huntington Station.

In working with the IDA, Renaissance Downtowns would receive a sales tax exemption of $200,908 and mortgage
recording tax exemption of $39,041. The developer would receive a property tax abatement of $660,082 over a period of 15 years, but would be paying more than $1.4 million in property taxes over that same period. The
developer said it “would not proceed with the project” without financial assistance by the IDA.

“IDA assistance helps Renaissance Downtown at Huntington Station make this a viable project, while still offering
the residents of Huntington Station a significant benefits package,” said Kelly Morris, Suffolk IDA deputy executive
director, in a statement.

“The project will prove to be another example of how lowering costs for businesses in the short term leads to
increased economic activity and a more expansive tax base in the long term,” she added.

The project is expected to generate 16 full-time jobs, with average salaries between $42,500 and $47,500.