The Nassau County Industrial Development Agency has agreed to help the retired community in Port Washington recover from a second bankruptcy for the first time in seven years because of concerns about the welfare of the elderly.
The split IDA Board last week resolved to issue additional bonds and give Amsterdam on the harborside an additional tax deduction. Nonprofits need help rebuilding their existing $ 140 million debt and paying admission refunds to the deceased residents of 33 families.
IDAs support consists of up to $ 41 million in taxable bonds, up to $ 128 million in tax exemptions, and up to $ 1.3 million in mortgage record taxes, officials said.
In addition, Amsterdam sponsor Manhattans nursing home of the same name has agree…
Read the full article at: https://floridanewstimes.com/bankrupt-amsterdam-retirement-community-gave-more-ida-help/312185/
