Momentum Builds as Multi-Million Dollar Remediation Work Nears Completion

June 23, 2015… “The Glen Cove Waterfront is a continuing story about reclaiming our City’s destiny to be a vibrant waterfront community, a destination for work, leisure and recreational enjoyment and a tax revenue generator for the City,” said Glen Cove Mayor Reggie Spinello.

After over two decades of undertaking one of the most ambitious remediation projects on Long Island and within New York State and investing over $100 mm of public money, the City has reached a critical progress point for the future development of the Glen Cove Waterfront. “We are bringing back 56 acres of a blighted Superfund property and restoring it to be prime waterfront land that is very livable, marketable and one day soon, will become home to a new group of Glen Cove citizens,” added Mayor Spinello.

Driving down Garvies Point Road progress can be seen as Glen Cove’s industrial past has been cleaned up to open the door for Glen Cove’s future. Vertical construction has begun on Glen Cove’s Ferry Terminal, Garvies Point road reconstruction is set to begin before years end, and the final phases of remediation are in motion. Mayor Spinello, the Glen Cove City Council along with local boards and agencies continue to work with the Garvies Point redevelopment team to ensure that there are a complement of public amenities and benefits for Glen Cove residents to enjoy.

Listening to the needs of the Glen Cove community and answering the hard questions, Mayor Spinello has aggressively sought modifications to the Garvies Point master development plan by ensuring public access to all of the over 29 acres of open space and public amenities, reducing density of residential housing by reducing the number of buildings on the waterfront and the gross square footage of the development, eliminating the building of a hotel, and most importantly, increasing the acreage for open space and public amenities that will include a public waterfront esplanade, marinas, parks, water recreational activities, playgrounds, an amphitheater and a new restaurant at the tip of Garvies Point, more parking and connectivity to downtown Glen Cove. “This is a Win-Win situation and a good example of a Public/Private interests working together to revitalize a Superfund site, realize tax revenues for the City of Glen Cove and our school district, spur economic growth, provide residents with new jobs, offer public access to great new amenities and business opportunities,” said Mayor Spinello. “Without the good faith of RXR, this project would have died and Glen Cove would be faced with barren lands, abandoned buildings and a blighted area that would continue to be a tax burden to our residents.”

“While much has been invested over the past 20 years to get us to this tipping point on the Waterfront Project, there is still substantial investment needed because of the costs involved in a Superfund site that requires public infrastructure, utilities and continued remediation,” said Mayor Spinello. Years ago this project started out with the belief that government would pay for the clean-up costs but obviously that is no longer the case noted Mayor Spinello. Today, with eight Brownfield sites, approximately $30 mm to reconstruct and improve Garvies Point/Herb Hill Road (the main access roads to the Waterfront), and the cost impact dictated by New York State Department of Environment Conservation on the remediation and design of the site, to continue the Waterfront’s progress, new financial solutions are being pursued.

To fund the next evolution of the Waterfront’s development, the City is exploring Tax Incremental Financing (TIF). TIF is an innovative economic development tool that creates funding for projects by borrowing against the future property tax gains of a development. TIFs are a public financing method used for redevelopment projects in blighted areas and are used as to subsidize infrastructure costs while increasing tax revenues and instigating positive economic development. “A TIF offers the City of Glen Cove a potential non-recourse solution to make the vision of Glen Cove’s Waterfront a reality and the City would realize tax benefits on day one,” said Mayor Spinello. “While there is zero risk involved for residents since the City would not assume financial responsibility for the repayment of the loan and the benefits to our community are tremendous from an economic viability perspective (e.g., monies will be paid first for all essential government services) we will not move forward unless this makes smart economic sense and the City comes out in a strong financial position,” added Mayor Spinello. Mayor Spinello and the Glen Cove City Council have officially started the TIF public review process, which will involve review by the Planning Board, School District, and Nassau County, as well as a Public Hearing by the City Council. The City anticipates making a decision by late summer.