By GREGORY ZELLER //
Christmas has come early in Nassau, where the county’s Industrial Development Agency has slipped two business-building economic-incentives packages under the tree.
The IDA on Wednesday announced preliminary approval for a tax-abatement deal benefiting JP Optionee, a limited liability corporation created to help New Jersey-based Onyx Equities and Manhattan-based DRA Advisors build a 147,524-square-foot hotel and conference center at Jericho Plaza.
The development agency also announced an incentives package for Paint Applicator Corp. of America, which is eyeing a 21,000-square-foot addition to its 92,000-square-foot Port Washington distribution center.
Combined, the two projects are slated to add 90-plus full-time jobs to the county’s rolls – on top of temporary construction jobs – and to generate private infrastructure investments upwards of $50 million, making the tax breaks and other economic incentives a more-than-worthy investment, according to Nassau County Executive Laura Curran.
“I am pleased that the IDA is working with PACOA … to help the company grow its business,” Curran said Wednesday. “My administration also welcomes the discussions with JP Optionee regarding development of a 150,000-square-foot hotel and conference center in Jericho.
“These projects show how IDA benefits can incentivize a variety of economic-development projects that help grow our tax base and create new jobs,” the county executive added.
Both incentives deals earned preliminary IDA endorsements Dec. 12 and must undergo a board review process before final approval.
But the beneficiaries are already playing past all that. Launched in 1975, PACOA – a longtime wholesale distributor of paint, hardware and electrical and lumber supplies – anticipates that its $6.7 million expansion project will create 73 temporary construction jobs and six new full-time positions within three years, on top of the 120 workers it employs now.
And JP Optionee, middleman in the $43.6 million effort to turn a nearly 6-acre parking lot into a 180-room boutique hotel, spa and business-conference destination, is projecting as many as 87 full-time jobs when the construction work is complete.
The final fate of the JP Optionee project will be determined by a series of impact studies, including a deep dive into the hotel’s potential effects on regional tourism, according to the Nassau IDA.
But for the public benefit corporation, supporting projects with that kind of socioeconomic potential, even in their early stages, is a no-brainer, according to Nassau County Industrial Development Agency Chairman Richard Kessel.
“JP Optionee’s proposed hotel project demonstrates the developer’s continued investment in our county and, no doubt, will become an asset to the many businesses located in Jericho Plaza and other nearby office buildings,” Kessel said in a statement. “This project will turn an underutilized parking lot into a new generator of revenue for taxing jurisdictions.”