Editor’s note: The Garvies Point Waterfront Development was approved during the Reggie Spinello administration (2014 – 2017), when he was elected Mayor to fix the enormous budget deficit he inherited. Since then, articles have appeared in Newsday and other respected media that specify how much money Glen Cove will receive from the Garvies Point Waterfront Development deal, while Glen Covers get to enjoy an area transformed from a costly eyesore to what is today one of Glen Cove’s fastest growing neighborhoods.
Selling Garvies Point and having the waterfront developed was the goal of prior mayors, who were not from Spinello’s Independence party, and so this isn’t a story about politics, but a story about achievement.
It is a story about what the Garvies Point Development will mean to Glen Cove residents in terms of actual dollars, based on the reported facts that have emerged since Spinello inherited an estimated $5 million budget deficit when he took office in 2014, and saw the need to create “revenue generators,” not new taxes, making this deal (and others) a reality.
On October 8, 2018, after Spinello had left office, a Newsday article entitled “What to Know About Garvies Point,” reported that the Garvies Point development would bring in over $600 million dollars over the next 40 years to the City of Glen Cove, Glen Cove Schools, Glen Cove Library, and Nassau County.
The money would come in using a program that had been adopted by New York State in 1969, known as PILOT (Payments in Lieu of Taxes), which was started to attract responsible developers to re-build crumbling areas throughout the state, since they could better calculate their risk before making any investment, especially in places that had fallen into complete disrepair and were in need of new infrastructure, such as Garvies.
Glen Cove would receive additional revenue, the article reported, citing Mineola-based Standard Valuation Services, a real estate consulting and appraisal firm that projected the PILOT monies, building fees, and tax revenue (rental units will begin paying full taxes after 20 years), would bring the amount to about $805 million, or about 80% of what the projected full tax revenue would have been over that same period.
Tim Tenke, then Glen Cove’s mayor, confirmed the $800+ million dollar amount, in an article that appeared in the Long Island Press around the 2019 election, in which he stated that he was against the deal, because it would not bring in “more than 85 percent of the full taxes owed for 40 years.”
He was right, but even though he was against it, his estimate was correct, since at $805 million, it would bring in about 80% of full taxes, making it one of the best PILOT deals ever. (By comparison, the Avalon Glen Cove apartment’s PILOT deal, made during another administration, will bring in substantially less than 60% based on the two buildings.)
Earlier that same year, in an April, 2019 article that appeared in The Long Island Business News, Mr. Tenke said the Garvies Point project represents “a tremendous re-use of a former EPA Superfund site that remained when the heavy industries that had occupied the property vacated,” suggesting that he was then for it, but that is up to the reader to decide.
In that article, Mr. Tenke added, “Glen Cove is a waterfront community and we’re reclaiming an area that was an eyesore for the city and was generating no taxable income. This is not an enclave for the wealthy, but rather a site where 28 acres can be used by the general public,” a comment that surprised some, since it appeared that he was taking credit for it, when in fact he had voted against it as a councilman after saying that he would vote for it, but claiming to then Mayor Reggie Spinello that his vote wasn’t needed to pass it.
FACT: The Garvies Point deal brought in substantial monies, at a time when previous financial mismanagement was forcing Glen Cove to consider massive tax hikes or bankruptcy… while transforming the once broken-down area that was costing Glen Cove money, into an impressive development that is attracting new residents and businesses.
With Garvies Point moving toward completing work on the final phases, the project is expected to generate $805 million over forty years, plus these additional dollars and benefits:
Now that the debate has ended and the facts are in, it’s time to celebrate Garvies Point Waterfront Development and what it means to the greater Glen Cove community, although Mr. Spinello, who was endorsed by all major parties after his first term as mayor, remains concerned about the city he loves.
When the deal was made to transform Garvies Point from the costly ruins it had become, Glen Cove got more than a much needed boost of $ millions of dollars, and today Garvies Point has become a focal point for growth in our city, with new facesnew businesses, and amazing amenities.
Read about two of these businesses, Deep Roots Farmer's Market and Garvies Point
Brewery by clicking the stories link.
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