IDA Increases Incentives for R Squared Bay Shore Project

The Town of Islip Industrial Development Agency amended its authorizing resolution for R Squared Bay Shore LLC, increasing mortgage recording tax and sales tax exemptions for the Greybarn Bay Shore mixed-use project. The revised incentives support higher project costs while maintaining the existing lease/leaseback structure.

Scope & details

The full contract record, as filed.

Contract amount

Mortgage financing presently estimated at $42,750,000, not to exceed $45,000,000; mortgage tax exemptions estimated at $320,625, not to exceed $337,500; sales and use tax exemptions not to exceed $1,592,887

Contract type

FACILITIES

Renewal

Amends prior 2020 Authorizing Resolution by increasing caps on mortgage recording tax and sales tax exemptions; new benefits are in lieu of those previously authorized.

Document type

AgendaPacket

Source document

Town of Islip Town Board Discussion Agenda 2026-07-14

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by Town of Islip?

R Squared Bay Shore Llc was awarded this facilities contract by Town of Islip, as recorded on July 14, 2026. The contract value is Mortgage financing presently estimated at $42,750,000, not to exceed $45,000,000; mortgage tax exemptions estimated at $320,625, not to exceed $337,500; sales and use tax exemptions not to exceed $1,592,887.

How much is the R Squared Bay Shore Llc contract with Town of Islip worth?

The R Squared Bay Shore Llc contract with Town of Islip is valued at Mortgage financing presently estimated at $42,750,000, not to exceed $45,000,000; mortgage tax exemptions estimated at $320,625, not to exceed $337,500; sales and use tax exemptions not to exceed $1,592,887, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in Town of Islip Town Board Discussion Agenda 2026-07-14 (AgendaPacket), dated July 14, 2026 from Town of Islip. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does R Squared Bay Shore Llc hold?

R Squared Bay Shore Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Town of Islip currently buying?

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