Brookhaven IDA OKs $16M tax break for Ronkonkoma Hub plan 8:59 AM By Carl MacGowan The Brookhaven Industrial Development Agency has approved a $16 million tax cut package for the Ronkonkoma Hub retail and residential project. The package -- including exemptions from sales and use taxes on purchases of construction equipment and building material -- was approved unanimously during an IDA board meeting Wednesday. The IDA board also approved plans allowing developer Tritec Real Estate of East Setauket to make payments in lieu of taxes for 25 years through 2042. The $538 million project is expected to feature up to 1,450 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station in Ronkonkoma. Many of the apartments will be priced to appeal to young people and seniors, officials have said. Construction is expected to start next year and be completed in about a decade, officials have said. Officials have said the Hub will revitalize a downtrodden business district near the train station, about a mile from Long Island MacArthur Airport. newsday/long-island/towns/long-island-now-1.1732330/brookhaven-ida-oks-16m-tax-break-for-ronkonkoma-hub-plan-1.9343559
Posted on: Fri, 19 Sep 2014 00:31:23 +0000