Politics & Government

Smithtown Notebook: Proposed Assisted Living Facility Gets Pre-Approved for Tax-Exempt Bond

A proposed Nesconset assisted living facility gets pre-approved for a tax-exempt bond and the town pays a $275,000 settlement for a November 2007 accident.

Proposed Assisted Living Facility Heard by Planning Board Gets Preliminary Approval for Tax-exempt Bond

, received a preliminary approval for $28 million in tax-exempt bond financing from the Suffolk County Industrial Development Agency. IDA chairman Jim Morgo said the vote on the preliminary approval was unanimous, and final approval for the bond on the proposed 90,000 square foot, 49 foot tall building to be built on Lake Avenue, is subject to environmental tests and a public hearing to hear any objections to the facilities construction.

Morgo said the preliminary approval for the tax-exempt bond acts as a credit enhancement to get better terms in the future and no government money is involved.

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“The money itself that they would use for acquisitioning construction of the site would come from a bank or another lender, there’s no government money involved in it,” he said. “What the authorization does is they get the authority to close a bond for the $28 million and the bank uses that bond as collateral for the loan and when they get the proceeds from the bond they don’t have to pay taxes on the proceeds … The IDA is a bonding authority, it authorizes the fact that the bond can be tax exempt. It’s like a credit enhancement, it helps them get better terms from where they’re getting their money.”

Check back this week for the full story.

Find out what's happening in Smithtownwith free, real-time updates from Patch.


November 2007 Accident Results in $275K Payout

Stemming from a November 2007 accident near the intersection of Route 25 and Doyle Street, the town paid a $275,000 settlement to Paul Guarino of Northport.

Guarino was hospitalized and suffered a fractured ankle in the accident, where a town-owned van made a left hand U-turn and was struck by a vehicle driven by Guarino.


 

Upcoming Town Meetings

Both the Town Board and the Board of Zoning Appeals will hold meetings this week, both on Tuesday, May 10 – at 2 p.m. the town board will meet at Town Hall and at 7 p.m. the Board of Zoning Appeals will meet at the Eugene Cannataro Senior Center in Smithtown.


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