By James T. Madore
The Hampton Inn & Suites proposed for the Old Huntington Town Hall would save an additional $1.2 million in property taxes over 15 years under a deal approved Thursday.
The Suffolk County Industrial Development Agency agreed unanimously to increase the property-tax savings to $2.3 million over the period for Huntington Village Hotel Partners LLC. The agency’s board was responding to the developer’s request for more help because banks are reluctant to lend to hotels and other tourism businesses hit by the coronavirus pandemic.
Records show the 80-room hotel would now save 48% off its property taxes over 15 years instead of 33%.
About half the savings, $610,000, would come from a change in the property’s assessment. The other half would derive from significantly smaller payments-in-lieu of taxes, or PILOT payments, in the first five years of the IDA tax deal, records show. Read more at Newsday…