Bellport Residences LLC Public Hearing

08/06/19

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 20th day of August, 2019, at 10:00 a.m. local time, at the Town of Brookhaven Division of Economic Development, 2nd Floor, One Independence Hill, Farmingville, New York 11738, in connection with the following matters, New York in connection with the following matters:

Bellport Residences, 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 Bellport Residences, LLC and/or an entity formed or to be formed on behalf of any of the foregoing (collectively, the “Company”) has submitted its application, for financial assistance (the “Application”) to the Agency to enter into a transaction in which the Agency will assist in the acquisition of an approximately 7.09 acre parcel of land located at Atlantic Avenue, Bellport New York (approximately 234 feet west of Post Avenue) (the “Land”), and the construction of an approximately 63,436 square foot 4-story building located thereon and containing approximately seventy (70) units of multi-family housing (1, 2 and 3 bedroom apartments) (the “Improvements”) including, but not limited to, a sprinkler system, HVAC, electrical equipment, plumbing, and elevators parking, drainage, sewage treatment facility and landscaping (the “Equipment”; and, together with the Land and the Improvements, the “Facility”), all to be leased by the Agency to, and used by the Company as 100% affordable workforce housing and community space (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 the Improvements and title to the Equipment and will lease and sublease 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, and exemptions from sales and use taxes and abatement of real property taxes on the Facility, all 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 an analysis of the costs and benefits of the proposed Facility.

Dated: August 9, 2019
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY

By: Lisa MG Mulligan
Title: Chief Executive Officer

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