4-7-21 Notice of Second Supplemental Public Hearing Brookhaven Venture LLC

04/05/21

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NOTICE IS HEREBY GIVEN that due to the Novel Coronavirus (COVID-19) Emergency State and Federal bans on large meetings or gatherings and pursuant to Governor Cuomo’s Executive Order 202.1 issued on March 12, 2020, as amended to date, permitting local governments to hold public hearings by telephone and video conference and/or similar device, the Public Hearing scheduled for April 20, 2021, at 10:00 a.m., local time, being held by the Town of Brookhaven Industrial Development Agency (the “Agency”), in accordance with the provisions of Article 18-A of the New York General Municipal Law will be held electronically via conference call instead of a public hearing open for the public to attend. PLEASE NOTE THE SPECIAL PUBLIC HEARING LOGISTICS AND INSTRUCTIONS INCLUDED AT THE END OF THIS NOTICE

BRP Farmingville LLC, a limited liability company organized and existing under the laws of the State of New York, on behalf of itself and/or the principals of BRP Farmingville LLC and/or an entity formed or to be formed on behalf of any of the foregoing (collectively, “BRP”), submitted its application for financial assistance (the “Original Application”) to the Agency for assistance in connection with (A) the acquisition of an approximately 62.0 acre parcel of land located at 510 Horseblock Road, Farmingville, New York (also known as 3 Tax Map Nos. 0200-626.00-03.00- 039.500 and 040.000 and 0200-653.00-07.00-001.000) (collectively, the “Land”), (B) (i) the demolition of an approximately 5,000 square foot building located thereon, (ii) the renovation and equipping of an approximately 3,000 square foot building located thereon, and (iii) the construction, equipping and furnishing of multiple buildings to include 292 residential units (of which 10% will be set-aside as affordable units) and consisting of 164 two-bedroom units, (with 2 baths), 77 two and three bedroom townhome style units (with 2 and 2.5 baths) and 51 single-family detached style cottages which will be three and/or four bedroom homes (with 2 and 2.5 bath), including an approximately 7,500 square foot clubhouse, with pools and outdoor activities, a state of the art 150,000 gallons-per-day on-site waste water treatment plant, a 7-acre park with walking trails for use by all residents of Farmingville, and an approximately 1200 square foot building to be constructed and donated for use by the Farmingville Chamber of Commerce as an office, together with the acquisition, installation and equipping of improvements, structures and other related facilities attached to the Land (the “Improvements”), and (C) the acquisition and installation therein of certain equipment and personal property including, but not limited to, including common areas consisting of recreational areas and other amenities and the furnishing thereof including, but not limited to furniture, appliances in the units, kitchen equipment (the “Equipment”; and, together with the Land and the Improvements, the “Facility”), which Facility is to be subleased by the Agency to BRP to be known as The Arboretum at Farmingville and used by BRP to provide multi-family housing and outdoor recreational green space areas for the residents of Farmingville (the “Project”).

The Agency previously held a public hearing on August 20, 2019.

Subsequent to the submission of the Original Application by BRP to the Agency, BRP notified the Agency of a change in ownership structure of the Facility and requested that the Agency consent to amend the Application (the “First Amendment to Application”), to reflect that Brookhaven Venture LLC, a limited liability company organized and existing under the laws of the State of New York, on behalf of itself and/or the principals of Brookhaven Venture LLC and/or an entity formed or to be formed on behalf of any of the foregoing (the “Company”), will be the fee owner of the Project. The Facility will be initially owned, operated and/or managed by the Company and BRP.

The Agency previously held a supplemental public hearing on March 24, 2020.

The Company has notified the Agency that due to the dramatic changes in the construction and materials markets caused by the COVID-19 Pandemic, the original project costs outlined in the Application are out-of-date and significantly lower than the currently anticipated costs. In connection with the increased costs, the Company has requested that the Agency consent to a second amendment to the Original Application (the “Second Amendment to Application”; and, together with the Original Application and the First Amendment to Application, the “Application”), to reflect current costs of the Project.

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 in connection with the construction and equipping of the Facility and exemption of real property taxes, all consistent with the uniform tax exemption policies (“UTEP”) 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 Application, the 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 filed by the Company with the Agency and an amended and restated analysis of the costs and benefits of the proposed Facility.

Members of the public may listen to the Public Hearing, and comment on the Application, the Project and the amended and restated benefits to be granted by the Agency to the Company during the Public Hearing, by visiting https://us02web.zoom.us/j/86180222001?pwd=WG1MOUhSKzJlZTFNY1hpckt3K25SUT09 and entering Passcode: 972410.

Comments may also be submitted to the Issuer in writing or electronically. Minutes of the Public Hearing will be transcribed and posted on the Issuer’s website.

TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY

Dated: April 7, 2021

By: Lisa MG Mulligan
Title: Chief Executive Officer

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