Nassau IDA OKs PILOT Plan for 95-Acre Bethpage Site

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.