Public Hearings

NOTICE IS HEREBY GIVEN that a public hearing, pursuant to Section 859-a(2) of the General Municipal Law will be held by the Town of Riverhead Industrial Development Agency (the "Agency") on December 7, 2009 at 5:00 p.m. prevailing time at the Riverhead Town Hall, 200 Howell Avenue, Riverhead, New York, in connection with an application for financial assistance from Jaral East Hotel Corp., a corporation qualified to do business in the State of New York ("Jaral"), with respect to the renovation of an existing 100 room hotel and 250 seat catering facility of approximately 68,928 square feet located at 1830 Route 235, Riverhead, including renovation of the guest rooms, public areas and ballroom and the interior demolition and construction of new porte-cochere, and incidental expenses in connection therewith, at an aggregate cost, including costs associated with the financing thereof, estimated to be $5,905,000 (the “Project”). The Agency proposes to acquire either an ownership or a leasehold interest in the Project from Jaral, to lease with an option to buy or to sell the Project to Jaral, to appoint Jaral agent of the Agency with respect to acquiring, equipping and maintaining the Project and to provide financial assistance to Jaral with respect to the Project through (i) the provision of an exemption from Mortgage Recording Taxes, and (ii) the provision of an exemption from Sales and Compensating Use Taxes on certain property, including tangible personal property. The financial assistance described in (i) and (ii) above would be consistent with the uniform tax-exemption policy adopted by the Agency pursuant to Subdivision 4 of Section 874 of the General Municipal Law.

The initial owner of the Project will be Jaral. No obligations of the Agency are anticipated to be issued by the Agency for the Project.

The Agency has declared itself "lead agency" in accordance with the provisions of the State Environmental Quality Review Act with respect to the Agency's providing the aforedescribed financial assistance to Jaral with respect to the Project and has determined that the provision of said financial assistance will not have a significant effect on the environment.

Further information on the proposed Project, including the application for such financial assistance, is available from the Agency at the address given above.

The Agency will, at the above stated time and place, provide all interested parties with reasonable opportunity, both orally and in writing, to present their views with respect to the Project and the providing of financial assistance being contemplated to be provided to Jaral by the Agency with respect to the Project, as herein described. A copy of the application filed by Jaral with respect to the Project is available for public inspection at the Agency's office, located at Town Hall, during normal business hours.

Dated: November 18, 2009

TOWN OF RIVERHEAD INDUSTRIAL DEVELOPMENT AGENCY

By: _______________________
Hank Boerner
Assistant Secretary