Bruce Ratner seeks $6.2M in tax breaks for complex by Coliseum

Developer Bruce Ratner is seeking nearly $6.2 million in tax breaks from the Nassau County Industrial Development Agency to build a retail and entertainment complex next to the Nassau Coliseum, according to documents obtained by Newsday.

Ratner, who expects to begin work on the 188,000-square-foot plaza next month, wants $4.92 million in sales tax exemptions during the construction period to help pay for materials, according to a June 13 application to the IDA. He received $4.4 million in tax breaks last year to renovate the arena.

Nassau Events Center LLC, the entity formed for the Coliseum project, still would be required to pay property taxes on the plaza after its scheduled opening in July 2018, according to IDA executive director Joseph Kearney.

The arena is tax-exempt because it is owned by Nassau County and used for public purposes.

Read more: http://www.newsday.com/business/bruce-ratner-seeks-6-2m-in-tax-breaks-for-complex-by-coliseum-1.12025641