The board has approved a sales-tax exemption of $258,750 and $20,475 off the mortgage-recording tax for a planned self-storage in Elmont
April 16, 2014- The development is planned by real estate firm and self-storage operator The Hampshire Cos. of Morristown, NJ. Nassau County Industrial Development Agency has also frozen the property-tax bills for three years before rising slowly during the next 12 years. According to the plan, storage facility in Elmont, NY will have 116,000 square feet of storage space.
The storage business is expected to generate $3.5 million more in taxes for the county over 15 years than if the lot remained vacant, according to Joseph J. Kearney, the IDA’s executive director. "There is an unmet need for self-storage facilities," he said. "This is an absolutely suitable project."
The project budget is $10.4 million and will feature three-story building. According to Daniel J. Baker, an attorney for the developer, the project would not be possible without the tax relief, as the plot on Linden Boulevard was considered as unwanted by other businesses.
There are at least six self-storage businesses apart from The Hampshire project to get tax relief from the IDA.
The Hampshire Cos. has been in real estate business for over 50 years. The company owns and manages 259 properties spread across 28 states currently.
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