Life Time Fitness nets tax breaks for Garden City gym

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Minnesota-based Life Time Fitness, which operates one Long Island gym out of a Syosset location, will receive financial benefits from Nassau County Industrial Development Agency when owners break ground on a new 130,000-square-foot building in Garden City.

Life Time’s second Long Island location, being built at 750 Zeckendorf Blvd., is expected to employ 181 full time workers within the first year and will add 200 construction jobs at the former Fortunoff’s building, according to IDA officials.

Nassau IDA officials approved a 20-year Payment In Lieu Of Taxes package and authorized up to $2 million in savings on sales taxes.

In a press release, Nassau County Executive Edward Mangano said the project will bring $18 million in economic benefits to the region and will attract more than 2,000 members from outside of Nassau and Suffolk counties.

“This project creates a large number of new jobs for our residents and rids Garden City of this blight on the community,” Mangano said in a statement.

Separately, the Nassau IDA also approved a 19-year package of tax breaks for Dealertrack Technologies, as the company expands to a yet-to-be-built 233,000-square-foot facility in North Hills. DealerTrack’s property taxes will be frozen at their current rate for 12 years and will increase slightly over the following seven years. In addition, DealerTrack will receive more than $5.7 million in sales tax breaks and up to $1 million in mortgage recording tax savings. Beyond the IDA benefits, Dealertrack has been approved to receive $12 million in performance-based incentives from Empire State Development.