Michael L. Webb Quoted in Newsday: Valley Stream apartment complex gets approval for IDA benefits
October 17, 2023
A developer planning a 63-unit apartment complex near the Valley Stream Long Island Rail Road station has received preliminary approval to get tax benefits from the Town of Hempstead Industrial Development Agency. Michael L. Webb spoke with Newsday regarding what effect the benefits may have.
“The project cannot move forward … without the assistance of the Hempstead IDA,” said Michael Webb, counsel at Farrell Fritz, who represented West Jamaica.
Webb said the IDA benefits will help the builder navigate a challenging environment that includes high interest rates, as well as high costs for materials and construction. In return, the developer hopes to deliver an apartment complex that will attract young workers who will spend money in the village.
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Valley Stream apartment complex gets approval for IDA benefits – Newsday