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 November 9, 2009 at 5:30 p.m. prevailing time at the Riverhead Town Hall, 200 Howell Avenue, Riverhead, New York, in connection with an application for financial assistance from Eastern Property Investors Consultant, LLC, a limited liability company qualified to do business in the State of New York ("Eastern"), with respect to the acquisition by the Eastern of a parcel of land of approximately 0.327 acres and the existing buildings located thereon, such buildings being located at 28, 30 and 40 Peconic Avenue, Riverhead, and the demolition thereof and the construction of a new four-story approximately 42,514 square foot building, the first floor of which is expected to be rented to presently unidentified commercial tenants and the remainder of which is expected to be rented to presently unidentified residential tenants as “workforce housing”, and incidental expenses in connection therewith, at an aggregate cost, including costs associated with the financing thereof, estimated to be $8,530,000 (the “Project”). The Agency proposes to acquire either an ownership or a leasehold interest in the Project from Eastern, to lease with an option to buy or to sell the Project to Eastern, to appoint Eastern agent of the Agency with respect to acquiring, equipping and maintaining the Project and to provide financial assistance to Eastern with respect to the Project through (i) the provision of an exemption from Mortgage Recording Taxes, (ii) the provision of an exemption from Sales and Compensating Use Taxes on certain property, including tangible personal property, and (iii) a partial abatement of real property taxes by granting a full abatement, for a ten year period, of real property taxes attributable to any increase in assessed value of the real property comprising the Project over the present assessed value of such real 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, but the financial assistance described in (iii), above, would be a deviation from said policy. The Agency is considering this deviation from such policy, which has been requested by Eastern, because a) the project is located within a highly distressed area as determined by the Riverhead Town Board through the adoption of the East Main Street Urban Renewal Plan and the supporting SEQRA record on file with the Riverhead Town Clerk, b) the Project is considered to be extremely significant and vital to the economic health and well being of the Town of Riverhead, Suffolk County and the Long Island Region, and c) pursuant to General Municipal Law Section 854(18), the project is within an area designated to be an Empire Zone pursuant to Article 18A of such law.

The initial owner of the Project will be Eastern. 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 Eastern 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 Eastern by the Agency with respect to the Project, as herein described. A copy of the application filed by Eastern with respect to the Project is available for public inspection at the Agency's office, located at Town Hall, during normal business hours.

Dated: October 16, 2009


By: _______________________
Hank Boerner
Assistant Secretary