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BROOKS PARTNERS LLC, PUBLIC HEARING

07/02/19

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 17th day of July, 2019, at 10:30 a.m. local time, at Port Jefferson Village Hall, 121 West Broadway, First Floor Conference Room, Port Jefferson, New York 11777, in connection with the following matters:

Brooks Partners 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 Brooks Partners LLC and/or an entity formed or to be formed on behalf of any of the foregoing (collectively, the “Company”), has applied to the Agency, to enter into a transaction in which the Agency will assist in the acquisition of an approximately 1.14 acre parcel of land located at 440 Main Street, Port Jefferson, New York 11777 (SCTM# 0206-12.00-09.00-003.000) (the “Land”), the demolition of an approximately 16,836 square foot building located thereon, the construction of a three-story, approximately 65,300 square foot building thereon (the “Improvements”), and the acquisition and installation therein of certain equipment and personal property (the “Equipment”; and together with the Land and the Improvements, the “Facility”), which Facility will be leased by the Agency to the Company and used as a mixed-use apartment complex containing approximately forty-four (44) one-bedroom units and two (2) two-bedroom units, a private fitness room, lobby, lounge, recreation area, storage space, an indoor garage, outdoor parking and a roof deck (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 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. 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: July 2, 2019
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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