Teachers Federal Credit Union applies for tax incentives from Islip

Teachers Federal Credit Union applies for tax incentives from Islip

Ben Abelson

Teacher’s Federal Credit Union has applied for Town of Islip Industrial Development Authority tax abatements to help smooth along the construction of a two-story, $3.5 million branch and back-office facility.

Construction on the 17,000-square-foot building, to be located on a 2-acre site at the corner of Lincoln Ave. and the Sunrise Highway North Service Road, is expected to begin sometime this fall.

The building is located about one mile west of the 3,200-square- foot branch it will replace.

Robert Allen, CEO of the $1.4 billion institution, said the credit union’s lease on its current Bohemia branch, in a shopping center at the corner of Johnson Ave. and the Sunrise Highway North Service Road, expires at the end of 2004.

“We were the first tenants in that shopping center back in 1989,” he said. “We’ve grown tremendously since then and just don’t have the room to provide the service to our membership.”

Allen added that he expected the credit union’s IDA application to go through, although he declined to speculate on the exact benefits the credit union would receive.

While the building’s first floor will house a traditional branch, its 10,000-square-foot second floor will be used to provide additional office space for Teachers Federal, Allen said. He noted the credit union is running out of space in its 47,000-square-foot headquarters in Farmingville.

Teachers Federal purchased the site of the new building last August for about $850,000, according to John O’Hara of Corporate Realty Services, who represented both parties in the transaction. The two-acre property was assembled from two different lots.

Since early last year, Teachers Federal has relocated one office from Lake Grove to South Setauket and opened a second office on the campus of SUNY Stony Brook.

The credit union currently operates 11 branches in Suffolk County. In 2002, membership in the credit union grew 10 percent to 129,000.

Copyright 2003 Dolan Media Newswires

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