9-17-24 Notice of Public Hearing – The Preserve at East Moriches LLC

09/11/24

Application
Assessment Report
CBA
Economic - Fiscal Analysis
PILOT

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 17th day of September, 2024, at 10:00 a.m. local time, at the Town of Brookhaven Town Hall, 1 Independence Hill, Farmingville, New York 11738, in connection with the following matters:

The Preserve at East Moriches, 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 The Preserve at East Moriches, 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 (A) the acquisition of an approximately 22.32 acre parcel of land located at 91 Montauk Highway, East Moriches, New York 11940 (also known as Tax Map No. 200-685.00-01.00-13.100) (the “Land”), (B) the construction, equipping and furnishing of approximately 70 new senior independent residential rental units across multiple buildings containing in all approximately 137,558 square feet of space, approximately 10% of the units will be reserved as Affordable housing for residents whose incomes are at or below 80% of the median income according to household size for the Nassau-Suffolk primary metropolitan statistical area as defined by the Federal Department of Housing and Urban Development (“AMI”) and approximately 10% of the units will be reserved as Workforce housing for residents whose incomes are at or below 120% of AMI), 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 shared common areas and other amenities and the furnishing thereof including, but not limited to, furniture, appliances, structures, an approximately 1,200 square foot community building, walking paths and several outdoor recreational areas and personal property in the units (the “Equipment”; and, together with the Land and the Improvements, the “Facility”), which Facility is to be subleased by the Agency to the Company and used by the Company to provide independent senior housing for the residents of East Moriches and Long Island (the “Project”). The Facility will be initially owned and managed or operated by the Company.

The Agency will acquire a leasehold interest in the Land and the Improvements and title to the Equipment 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 in connection with the construction and equipping of the Facility and exemption of real property taxes consistent with the uniform tax exemption policies (“UTEP”) of the Agency.

A representative of the Issuer 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 Issuer’s website (https://brookhavenida.org/), the application for financial assistance filed by the Company with the Issuer and an analysis of the costs and benefits of the proposed Facility.

Dated: September 7, 2024
TOWN OF BROOKHAVEN INDUSTRIAL
DEVELOPMENT AGENCY

By: Lisa MG Mulligan
Title: Chief Executive Officer

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