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Economic and Fiscal Impact Analysis for Mixed-Use Development in Glen Cove, NY

September 7, 2020

Glen Cove on Long Island, New YorkThe Challenge

Camoin Associates was commissioned by RXR Glen Isle Partners to conduct an economic and fiscal impact study of its proposed $1 billion mixed-use Garvies Point development project in the City of Glen Cove.

The project would increase the tax base for the City of Glen Cove and offer a variety of new amenities along the waterfront. The issue holding the project back was a large financing gap related to extensive infrastructure upgrades the City needed to make to encourage investment. Camoin Associates was hired to assist both the developer and the City in addressing this financing gap.

The Solution

Camoin Associates analyzed how the project would impact the City’s tax base and explained how the City could use a combination of future PILOT revenue and property tax revenue to support the issuance of a bond to complete necessary infrastructure improvements related to the project without impacting existing taxpayers.

The Impact

What resulted was an innovative, first-in-kind combination of both PILOT Increment Financing (PIF) and Tax Increment Financing (TIF) to make this project a reality. Camoin Associates’ work helped align the developer, the City, and the public behind the project, and the needed infrastructure improvements were completed.

Garvies Point is now home to residential developments, restaurants, businesses, public open space, an esplanade, and more.

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