PRESS RELEASE: Oyster Bay Mall Proposal Endorsed as Crucial Economic Firebreak from Pending Massive Cuts in County's Essential Services

Released: 01/01/02

From: Nassau County Business Alliance for Economic Protection
Old Country Road
Garden City, New York
516 393-9000 / Judy Goldenbaum
for immediate release

Oyster Bay Mall Proposal Endorsed as Crucial Economic Firebreak from Pending Massive Cuts in County's Essential Services

Stating that there is only one development proposal in Nassau County that could prevent the wide spread dismemberment of crucial government services, the Nassau County Business Alliance for Economic Protection has endorsed the proposed 960,000 square foot Oyster Bay Mall that would replace the long derelict Cerro Wire factory with an upscale $268.4 million retail complex.

Vincent Polimeni, chairman of a group formed in the wake of the Nassau County's fiscal woes and the creation of a budget oversight committee, stated, These are dangerous times for Nassau County's quality of life. Without serious cuts in a broad range of essential services or double digit increases in property taxes, the County will not be able to present a balanced budget to the Nassau County Interim Finance Authority. And after this year's painful budget is adopted they will have to start looking at even deeper cuts. There needs to be another solution and new economic growth is clearly the answer.

Polimeni stated that the strong national economy has lulled many on Long Island into a false sense of economic reality that is about to be shattered by the pending actions of Nassau County government. There is an entire generation of home owners who have never endured a dramatic property tax increase. Unless we find new and innovative means of creating economic growth be prepared for sticker shock. Those property tax increases will harm our property values, erode our disposal income and alter the character of the county.

The Mall at Oyster Bay Would Generate Millions in Taxes

The business group applauded plans by the Taubman Company to build a mall on 39 acres of derelict industrial property alongside the Long Island Expressway in Syosset. During the construction period alone Nassau County will receive $6.3 million in tax revenues. Following ribbon cutting, Nassau County will receive a minimum of $1.9 million annually in property taxes while the Town of Oyster Bay will receive some $375,000 per year. The local school district will enjoy revenues of $3.9 million, the library some $132,000 and special districts approximately $1.2 million.

Additional revenues will also be generated, including $14 million in annual sales tax revenue for Nassau County and $3 million for New York State.

Polimeni says the mall proposal would also end the loss of millions of dollars in county sales taxes that are currently siphoned off by catalog companies that recognize how accepting the county's shoppers are to their upscale sales pitch.

The business support comes on the heels of the endorsement by the Nassau-Suffolk Building Trades Council. The group's president, Jack Kennedy, stated, Because the mission of the Building Trades Council is to look into the future and determine what projects best to protect the region's economy, this organization is endorsing plans to build a regional shopping mall on the grounds of the old Cerro Wire site. As a result we are galvanizing our 30,000 families, many of whom live inside the Town of Oyster Bay, for the purpose of confronting the mindless opposition NIMBY that eats away at our region's future and our economy.

The Impact of a County Control Board

Polimeni warned, "At a time when political commentators are giving better than even odds that there will be a county financial control board in place just weeks from now, the idea of blocking one of the most important tax generators in a decade is absurd, dangerous and without merit. Ridding Oyster Bay of this decrepit eyesore, creating new investment and generating millions in taxes is an obvious opportunity for political leadership and we urge the Oyster Bay Town Board to act accordingly."

Polimeni said neighboring homeowners have a choice. "They can work in cooperation with the Taubman Company to create a mall that addresses their questions or they can prepare to see government programs dissolve while their property tax bills skyrocket. That's the choice of people who believe protest signs is the best way to manage change."