The Nassau County Industrial Development Agency has agreed to help a retirement community in Port Washington recover from its second bankruptcy in seven years, citing concern about the elderly residents’ welfare, Newsday reported. A divided IDA board voted last week to issue additional bonds and grant more tax breaks to the Amsterdam at Harborside. The nonprofit facility needs the aid to restructure $140 million in existing debt and to pay more than $20 million in entrance-fee refunds owed to 33 families of deceased residents. Officials said the IDA help consists of up to $41 million in taxable bonds, up to $128 million in tax-exempt bonds and up to $1.3 million off the mortgage recording tax. In addition, the Amsterdam’s sponsor, a Manhattan nursing home with the same name, has agreed to pour $18 million into the retirement community at 300 East Overlook on Nassau’s Gold Coast.
