The Nassau Counyy Industrial Development Agency has approved a payment in lieu of taxes with Great Neck-based Genodyne Biotechnologies that the agency says will allow the company to triple its employment.
The PILOT effectively shields Genodyne from property tax increases for the next 10 years, whether due to village rate hikes or higher assessments. Its payments will equal this year’s tax levy for the first three years of the agreement with annual 2 percent increases kicking in for the fourth through tenth years.
“My economic development team has worked tirelessly to not only keep Genadyne and their 35 jobs in Nassau County that were at risk of leaving, but also to facilitate the creation of a new business that will triple its workforce and generate $121 million in economic benefit for the area,” said Nassau County Executive Edward Mangano in a statement. “Job retention and creation in Nassau County are critical to helping rebuild our local economy while holding the line on property taxes.”
The project, which includes renovating two buildings in Great Neck and Hicksville, will generate more than $121 million in economic benefits for the region, according to an IDA press release. Genodyne was considering moving its operations to Florida and the agreement will allow its affiliate company Lucina Advanced Care to manufacture its products in Nassau, according to the release.
The company, which manufactures medical systems and equipment, currently employs 35 full-time positions and is projecting the creation of 72 full time jobs within three years of its expansion, according to the release.
“This is a win-win for Nassau County,” said IDA Executive Director Joseph Kearney. “Not only are we keeping Genadyne, a company that we have identified as a flight risk, but we are assisting in the creation of numerous jobs from the start up of its new Lucina business.”
Other recently proposed PILOT agreements have stalled after vocal opposition from village and school district officials who decried what they described as unnecessary tax breaks. An application by the Bristal assisted living facilities for tax relief was spiked by the IDA following opposition, and RXR Realty’s efforts to gain a PILOT agreement for it proposed condominium development are pending.
