New Hempstead IDA Board schedules hearing on mall tax breaks
The new Hempstead IDA Board scheduled a public hearing for next month to discuss revoking the tax breaks granted by the previous board to the Green Acres Mall in Valley Stream.
The previous board had granted the mall a $14 million tax exemption in the form of PILOTs, or payments in lieu of taxes, which was designed to reduce the amount of local taxable property. Residents were angered after learning the deal would boost their property taxes by as much as $1,000 each year.
A week ago, new IDA Chairman Arthur Nastre raised hopes when he said the agency might cancel an agreement to give major tax breaks to the Green Acre Mall. That would have meant a tax refund of as much as $1,000 for homeowners. On Wednesday, officials told News 12 there will be no refunds for residents this year.
"My understanding is that it could be too late for this tax year," says District 24 Superintendent Dr. Ed Fale. He says any adjustment for refund checks would require coordination between Nassau County, the IDA and the Town of Hempstead.
Nastre says Green Acres Mall officials will most likely sue if the PILOT program is revoked. He also says the board is prepared to take the heat that would come with revoking the tax breaks.
The public hearing with the board is scheduled for Thursday, Jan. 19 at the Robert W. Carbonaro Elementary School in Valley Stream.