The growing movement questioning the proposed Garvies Point development is not “against development.” We are against reckless development which, will ultimately do Glen Cove more harm than good.
We hope you recognize that an imposing, 11 story mega-development will significantly lower the quality of life in Glen Cove and the surrounding communities — lowering your bottom line as well. You already dealt with an 8% tax increase in 2016 due to Mayor Spinello’s poor planning and empty promises…
Did You Know?
According to the City Council, “the agreed upon land purchase price is $15 million, of which, the city is projecting to receive $3.5 million after the satisfaction of certain agency obligations.”
Glen Cove’s annual budget is over $72 million per year. $3.5 million is 4.86% of Glen Cove’s annual budget. So, for adding permanent, 11 story, high-density apartment towers, Glen Cove receives a one time payment that closes an annual budget deficit. This project promises nothing for Glen Cove’s budget in future years and the the city will continue to run a deficit.
The City of Glen Cove will be taking out $97 million – hang on – new debt now increased to $120-150 million in bonds (debt), to finance this project – to subsidize the developer – with repayments based on projected future revenues. The City has ignored advice from the none less than the NY State Comptroller himself. Glen Cove now ranks as the most financially stressed city in all of New York State. Is this a mayor you can trust?
Already deep in debt, your City is going to borrow over $6,000 more for every resident in Glen Cove – would you take this kind of risk with your business?
In addition, the Planning Board and Mayor voted to incur this huge debt on July 19th, 2016 – without full analysis of the bonds having been completed. Anyone in finance can tell you this equates to malfeasance and a violation of the peoples’ trust. Interestingly, three Planning Board members actually voted against the new $97 million bond – and therefore against Mayor Spinello. What does that tell you?
When you hear the Mayor, the Planning Board or the Glen Cove Chamber of Commerce make blanket statements like the Garvies Point Development is “good for Glen Cove” or “it’s good for our local economy,” please — take a look behind the curtain. You would never enter your business into a deal like this – the City takes all of the risk and RXR receives nearly all of the benefits.
In addition to the grave financial risks of this development, the traffic conditions created by this 1,140 unit site will make it harder for you to ship or receive products and supplies, and will inhibit customers from traveling to Glen Cove to do business with you. Economically well-off families and individuals will likely flee Glen Cove when the realities of high density housing become apparent.
We strongly encourage you to speak against the proposed Garvies Point development — with the media, Glen Cove Chamber of Commerce, city government, Nassau County, and Glen Cove Planning Board and elected officials. Remember that many of our elected officials, including Tom Mangano and Mayor Spinello, have accepted political contributions from RXR.
Why is Garvies Point as it’s proposed bad for Glen Cove Businesses?
- Incredible amount of debt required to subsidize a billion-dollar developer threatens our city’s long-term fiscal solvency.
- Huge traffic increases from this and the many other planned developments will prevent customers from outside of Glen Cove from reaching, or doing business, with you. Gridlock ensues in Glen Cove, as there is no LIRR station near Garvies Point.
- Better-off residents flee an apartment-laden Glen Cove for the suburban quality of life they’re after – decimating your bottom line.
- Expected “new customers” are more transient – renters or condo buyers who don’t put down real roots in Glen Cove and don’t form lasting relationships with your business. Many shop only online.
- Increased stresses on schools, water, sewage, emergency services, etc – always downplayed by Mayor Spinello – force tax increases on your business.
- Property values plummet as the former “Gold Coast City” looks and feels more like… Queens.
But the Glen Cove Chamber of Commerce & Business Improvement District Support this development, right?
The Glen Cove Chamber of Commerce seems to rubber-stamp anything the mayor puts forth. This doesn’t mean deep, long-term thought has gone into assessing the development proposed at Garvies Point. The Business Improvement District is managed by the Deputy Mayor.
Look what’s going on in Glen Cove today – we see the growth of multi-national chains at the expense of our small businesses. Panera Bread, Mavis Tire, Staples, Annie Sez, CVS, etc, etc. It’s time to ask yourself – are the mayor and Chamber of Commerce really looking out for my interests?