Jay Herman and Jennifer Hower represented a Long Island Regional Mall on behalf of a National Real Estate Investment Trust. After exchanging trial appraisal reports and right before trial, Jay and Jen reached a settlement with the Taxing Authority resulting in a tax refund of over $10.5 million dollars.
Recently there has been much discussion as to whether IDA agreements produce tangible benefits to the Long Island economy. Despite the best efforts of Long Island’s eight active Industrial Development Agencies, the jury is still out as to whether the deals they put together actually provide long-term benefits. IDA agreements are meant to be long term investments, with the average PILOT (Payment In Lieu Of Taxes) agreement lasting from ten to twelve years. In the short term, IDA agreements are a win; they can create jobs, fill vacant commercial space and provide revenue. However, after… Read more »