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Riverhead IDA approves sales tax exemption for Atlantis Holdings

01/14/2019 5:05 PM |

Atlantis Holdings was granted an exemption Monday on sales tax resulting from two projects it plans at the Long Island Aquarium and Hyatt Place hotel.

The Riverhead Industrial Development Agency voted 3-0 to award the exemption, which amounts to a savings of less than $300,000 on the $4.3 million project.

IDA members Tom Cruso and James Farley were absent from the special meeting called just for the vote.

One project the company is seeking includes the purchase and implementation of a combined heat and power unit, absorption chiller and cooling tower to chill the aquarium tanks, along with energy efficient pumps, and other repairs.

The other project is the renovation of the rooms and lobby in the Hyatt, and the catering facility in the Sea Star Ballroom.

The sales tax exemption only applies to the tax on construction materials purchased for those projects.

Atlantis Holdings’ general manager Bryan DeLuca and attorney Ellen Bissett DeRiggi said at a Dec. 7  meeting that the Aquarium and hotel have been an “economic engine” for downtown Riverhead.

The sales tax abatement doesn’t effect property taxes to the school district, town and county, and the town doesn’t receive sales tax receipts, officials pointed out.

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