Nassau Approves Tax Break to Developer of Mineola Property

Nassau County has approved a big tax break for a developer to give them incentive to build a new housing unit in Mineola.

The Texas-based developer Mill Creek Residential has purchased Corpus Christi Elementary School in Mineola, a Catholic school that closed in 2010 due to decreasing enrollment. The county's Industrial Development Agency approved a sales tax break of $1.8 million on the purchase of construction materials and equipment for the work, according to Newsday. It also cut $479,900 off the mortgage recording tax.

“The new starter home for young professionals and families is an apartment, and that’s why my economic development team and I have helped create more than 3,500 new housing opportunities countywide," said County Executive Ed Mangano. "This project brings additional housing options to the heart of Mineola while generating new tax revenues for local governments and millions in economic benefits for downtown shops and restaurants.”

The company also received a 20-year reduction in the property tax, Newsday reported. That cut, though, is still an improvement for the community -- because the building was owned by a church, it was not on the property tax rolls at all.

The county expects the $70 million project to provide a total economic benefit of $98 million to the county, as well as $11.8 million in taxes to the village and school district over the years.

The plan is to build a 192-unit development near the Mineola train station, which will take about 30 months to complete. It will split the units between two four-story apartment buildings.

It's the latest in a new wave of transit-oriented developments that are coming to Long Island. The developments are located in downtown areas and are popular for young professionals and empty-nesters who are looking to downsize. The proximity to train stations makes the developments enticing to commuters as well.

Read more at Newsday.

Photo: Google Maps.