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7-14-21 Notice of Public Hearing GGSP Investments, LLC



NOTICE IS HEREBY GIVEN that a public hearing pursuant to Article 18-A of the New York General Municipal Law will be held by the Town of Brookhaven Industrial Development Agency (the “Agency”) on the 27th day of July, 2021, at 10:00 a.m. local time, at Town of Brookhaven Industrial Development Agency, 1 Independence Hill, Second Floor, Farmingville, NY 11738, in connection with the following matters:

The Agency previously provided its assistance to The Vistas Of Port Jefferson LLC, a New York limited liability company (the “Original Company”), in connection with (a) the acquisition and construction of a senior housing rental community with approximately 244 senior citizen rental housing units and appurtenances (the “Improvements”), located or to be located on an approximately 27.324 acre parcel of land situated at Bicycle Path, Port Jefferson Station, Town of Brookhaven, Suffolk County, New York (and further identified as Tax Map No. 0200-229.00-01.00-002.16 (formerly, 0200-229.00-01.00-002.11 through 002.15 and 0200-206.00-05.00-040.001)) (the “Land”), and (b) the acquisition and installation thereat of equipment and other personal property (the “Equipment”) (the Land, Improvements and Equipment may be collectively referred to as the “Facility”), which Facility is presently leased by the Agency to the Company for sublease of the rental units by the Company to qualified senior residents of at least 55 years of age (the “Project”).

GGSP Investments, LLC, a Delaware limited liability company, on behalf of itself and/or GS AA Vistas Owner, LLC and/or the principals of GS AA Vistas Owner, LLC (collectively, the “Company”), has submitted its application for financial assistance (the “Application”) to the Agency and requested the Agency’s consent to the assignment by the Original Company of all of its rights, title, interest and obligations under the Company Lease, dated as of July 1, 2018 (the “Company Lease”), and the Lease and Project Agreement, dated as of July 1, 2018, as amended (the “Lease Agreement”), each by and between the Agency and the Original Company, and certain other agreements in connection with the Facility, to the Company, and the assumption by the Company of all of such rights, title, interest and obligations of the Original Company, and the release of the Original Company from any future liability incurred after the date of the assignment with respect to the Facility subject to certain requirements of the Agency.  The Facility was and continues to be initially owned, operated and/or managed by the Original Company, and after the assignment of the Company Lease and the Lease Agreement, the Facility will be initially owned, operated and/or managed by 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, and the continued 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.  At the hearing, all persons will have the opportunity to review the application for financial assistance filed by the Company with the Agency and analysis of the costs and benefits of the proposed Facility.

Dated: July 17, 2021

By: Lisa MG Mulligan
Title: Chief Executive Officer

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