Developer of Deer Park school building gets $21 million tax break
March 29, 2019
The developers of a 200-unit apartment complex coming to a former school property in Deer Park will get a $21 million — or almost 50 percent — tax cut to build the new facility.
The Babylon Industrial Development Agency, a public authority that grants tax breaks to projects with industrial uses or workforce housing and that create or retain jobs, voted unanimously Wednesday to grant developer Engel Burman’s request to pay $22 million in property taxes over 30 years, instead of the $43 million the developed property would yield.
Engel Burman is purchasing the shuttered George Washington School property from the Deer Park School District and plans to demolish the old building and turn it into a retirement housing community.
Chris Kent of Farrell Fritz, the developer’s attorney, said the school district was looking to close by May or June.
- Publications: Newsday