21st Century Oncology is seeking tax exemptions from the Riverhead Industrial Development Agency for its proposal to convert the former P.C. Richard & Son site on Route 58 into a radiation cancer treatment facility.
The IDA has scheduled a public hearing on the proposal for 5 p.m. April 15 in Town Hall. Florida-based 21st Century Oncology, which develops and operates radiation therapy centers in 15 states, is seeking exemptions from sales tax on products associated with the renovation and from mortgage recording tax on the property. In addition, it seeks the property tax exemption on the value of the improvements that are “consistent with the uniform tax exemption policy” of the IDA.
That policy generally calls for a 10-year property tax exemption starting at 50 percent, with the amount of the exemption declining by 5 percent per year until the property is at full assessment.
The property tax exemption applies only to the value of what is built, so that it never goes lower than the value of what is there to begin with.
The building is now undergoing asbestos removal. The cost of the project is estimated at $8.17 million, according to the application.