4-30-24 Notice of Public Hearing - R Squared Patchogue

05/06/24

Application
Assessment Report
Addendum
CBA
Cover Letter
Economic - Fiscal Analysis
Resolution

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Article 18-A of the New York State General Municipal Law will be held by the Town of Brookhaven Industrial Development Agency (the “Agency”) on the 15th day of May, 2024, at 10:00 a.m. local time, at Town of Brookhaven Town Hall, 1 Independence Hill, Farmingville, New York 11738, in connection with the following matters:

R Squared Patchogue LLC, a limited liability company organized and existing under the laws of the State of Delaware, on behalf of itself and/or the principals of R Squared Patchogue LLC and/or an entity formed or to be formed on behalf of any of the foregoing (the “Company), has applied to the Agency, to enter into a transaction in which the Agency will assist in (i) the acquisition of multiple parcels of land totaling approximately 3.42 acres located at 303 Main Street, East Patchogue, New York (the “Land”), (ii) the demolition of existing structures located thereon and (iii) the construction, equipping and furnishing of a 3-story approximately 130,000 square foot multi-family rental apartment building including approximately 91 apartments (approximately 48 1-bedroom units and approximately 43 2-bedroom units), at least 10% of the units will be Affordable units which shall rent at a reduced rate to tenants with an annual income at or below 80% of Area Median Income as defined in Section 7(D)(1)(j) of the Agency’s Uniform Tax Exempt Policy (UTEP) (“AMI”) and at least 10% of the units will be Workforce units which shall rent at a reduced rent to tenants with an annual income at or below 120% of AMI (which Affordable and Workforce units may be counted, as applicable, towards satisfaction of the set-aside requirements in Section 7(D)(1)(j) of the Agency’s UTEP as well as any set-aside requirements imposed by the Town of Brookhaven), with additional improvements including, but not limited to, parking, swimming pool, clubhouse, courtyard and other outdoor amenity areas together with the acquisition, installation and equipping of improvements, structures and other related facilities attached to the Land and certain equipment and personal property (the “Improvements” and “Equipment”; and, together with the Land, the “Facility”), which Facility is to be leased and subleased by the Agency to the Company and used by the Company to provide mixed-income, multi-family rental apartments for the residents of East Patchogue, Town of Brookhaven, New York (the “Project”). The Facility will be initially owned, operated and/or managed by the Company.

The Agency will acquire a leasehold interest in the Land and in the Improvements and title to or a leasehold interest in the Equipment and will sublease and lease the Facility to the Company. The Agency contemplates that it will provide financial assistance to the Company in the form of exemptions from mortgage recording taxes in connection with the financing or any subsequent refinancing of the Facility, exemptions from sales and use taxes and abatement of real property taxes, consistent with the policies of the Agency.

A representative of the Agency will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to either the proposed financial assistance to the Company or the location or nature of the Facility. Prior to the hearing, all persons will have the opportunity to review on the Agency’s website (https://brookhavenida.org/), the application for financial assistance filed by the Company with the Agency and an analysis of the costs and benefits of the proposed Facility.

Dated: May 4, 2024
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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