BETHPAGE, NY-In an effort to attract new state-of-the-art industrial development here, the Nassau County Industrial Development Agency has taken action on an incentive package to help jump-start a 95-acre county-owned property in Bethpage. The IDA board unanimously approved a 40-year PILOT (payment in lieu of taxes) plan for the former US Navy-Northrop Grumman Corp. military manufacturing site at 999 South Oyster Bay Rd., one the county’s largest developable tracts.

The site is in contract for purchase by Nassau Steel LLC, a company owned by brothers Joseph J. Lostritto Jr. and Glenn Lostritto, for $15 million. Under the PILOT program, Nassau Steel will pay an increasing percentage of the annual gross income it collects from the property beginning in its third year of operation as a means to create revenue and generate tax ratables for the town, county and local school district.

“The potential of this property is significant,” says Nassau IDA executive director Joseph Kearney, in a statement. He estimates that $350 million could be generated for the county and employment could total 4,000 once the redevelopment efforts are complete.