FINANCIAL_SERVICESAMENDED

County of Rockland Industrial Development Agency Resolution May 2026

IDA boosts tax benefits for Myrtle Gardens project

State and local sales tax exemptions of $1,239,500; mortgage recording tax exemptions on approximately $29,376,500 of mortgage debt; PILOT amounts to be determinedRockland School District 382MYRTLE GARDENS LLCMay 7, 2026

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Description

The Rockland County Industrial Development Agency amended its 2022 authorization for Myrtle Gardens LLC, increasing sales and use tax exemptions to $1,239,500 and mortgage recording tax exemptions tied to $29,376,500 in project financing. The changes reflect higher construction and material costs for the Myrtle Gardens affordable housing project in Spring Valley.

Contract Details

Contract Amount

State and local sales tax exemptions of $1,239,500; mortgage recording tax exemptions on approximately $29,376,500 of mortgage debt; PILOT amounts to be determined

Vendor

MYRTLE GARDENS LLC

Agency

Rockland School District 382, ID

Contract Type

FINANCIAL_SERVICES

Document Date

May 7, 2026

Renewal Info

Amendment to 2022 Authorizing Resolution increases the maximum Sales and Use Tax Exemption and Mortgage Recording Exemption limits; prior liabilities and actions under the original resolution remain valid.

Issuing Agency