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Overcast Downtown economic developments
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All of the above is what dictates your tax rate. What do we do? Shall we sit on our hands or take advantage of the fact that Lynbrook is a most desirable place for quality investors to put their money? Approximately $65 million has been invested in four strategically located, quality projects. Sixty-five million dollars in new money can increase our assessed value by $7 million, which translates into new outside tax money from these projects -- approximately $750,000.
All that good news must have a downside. What is it? Project No. 1, which is already under way, is the assisted-living facility at Ocean Avenue and Peninsula Boulevard ($15 million). The camp and two homes gave us little income for years, but this will now change dramatically. We may need more frequent rescue service from our fire department, but we can figure out a way to charge for some of that expense. I see no other negatives.
The next project is a 90-unit condo with a 350-car parking deck adjacent to our downtown, at Broadway and Langdon Place ($16 million). These are high-end luxury apartments with a number of amenities. Real estate people claim that one- and two-bedroom apartments in that area can sell for $225,000 and $275,000. They would attract singles, young couples and older couples from the area who sell their homes but want to stay in the area. An impact study confirms that added traffic would be minimal. These people would solidify our downtown stores yet have minimal impact on our schools. Additional school taxes resulting from this project would be approximately $385,000.
The parking deck, on village property, would increase our net parking capacity by 105 spots. We would not become like Rockville Centre, with so much to offer but no place to park. When all is said and done, the village increases its tax base and its parking fees to a total of approximately $202,000. The parking facility would be built and paid for by the developer. There are concerns that Queens is coming to Lynbrook, but the $45,000 impact study says the opposite is true.
The third and fourth projects are still in the preliminary stages, but discussions have been very positive. One is the Marriott Hotel, with the addition of 150 parking spots on our parking field, which is adjacent to the railroad between Forest and Earle avenues ($17 million). The other is the Regal movie chain, which is serious about knocking down our existing theater and building a new stadium-seating multiplex ($17 million).
Residents and commercial taxpayers can surely see where I'm coming from. I have nothing to hide. I believe, in my gut, that these projects are healthy and necessary for Lynbrook and would solidify our village, while helping our young build their equity here.
Should we pass up these opportunities, we could regret it for a long time. There is opposition, but please, judge the facts, not the hysteria. Should you wish to talk to me, or arrange a meeting with your group, please call (516) 599-8784. You can count on a response.
It is important that you all know the true facts, not just the facts the opposition wishes to tell you. Over the past nine years, we've done some good things together. Your support has made it happen. We need your trust and support more than ever now.
All that good news must have a downside. What is it? Project No. 1, which is already under way, is the assisted-living facility at Ocean Avenue and Peninsula Boulevard ($15 million). The camp and two homes gave us little income for years, but this will now change dramatically. We may need more frequent rescue service from our fire department, but we can figure out a way to charge for some of that expense. I see no other negatives.
The next project is a 90-unit condo with a 350-car parking deck adjacent to our downtown, at Broadway and Langdon Place ($16 million). These are high-end luxury apartments with a number of amenities. Real estate people claim that one- and two-bedroom apartments in that area can sell for $225,000 and $275,000. They would attract singles, young couples and older couples from the area who sell their homes but want to stay in the area. An impact study confirms that added traffic would be minimal. These people would solidify our downtown stores yet have minimal impact on our schools. Additional school taxes resulting from this project would be approximately $385,000.
The parking deck, on village property, would increase our net parking capacity by 105 spots. We would not become like Rockville Centre, with so much to offer but no place to park. When all is said and done, the village increases its tax base and its parking fees to a total of approximately $202,000. The parking facility would be built and paid for by the developer. There are concerns that Queens is coming to Lynbrook, but the $45,000 impact study says the opposite is true.
The third and fourth projects are still in the preliminary stages, but discussions have been very positive. One is the Marriott Hotel, with the addition of 150 parking spots on our parking field, which is adjacent to the railroad between Forest and Earle avenues ($17 million). The other is the Regal movie chain, which is serious about knocking down our existing theater and building a new stadium-seating multiplex ($17 million).
Residents and commercial taxpayers can surely see where I'm coming from. I have nothing to hide. I believe, in my gut, that these projects are healthy and necessary for Lynbrook and would solidify our village, while helping our young build their equity here.
Should we pass up these opportunities, we could regret it for a long time. There is opposition, but please, judge the facts, not the hysteria. Should you wish to talk to me, or arrange a meeting with your group, please call (516) 599-8784. You can count on a response.
It is important that you all know the true facts, not just the facts the opposition wishes to tell you. Over the past nine years, we've done some good things together. Your support has made it happen. We need your trust and support more than ever now.
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