Notice of Public Hearing Ferrandino & Son

03/19/25

Application
CBA
Cover Letter
Economic & Fiscal Feasibility Study
PILOT
Recapture Agreement

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 27th day of March, 2025, at 10:00 a.m. local time, at the Patchogue Village Hall located at 14 Baker Street, Village of Patchogue, Town of Brookhaven, New York, in connection with the following matters:

Ferrandino and Son Development Group, 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 Ferrandino and Son Development Group, 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 approximately 4.08 acres of land located at 214, 210, 200, 192-198, 188 West Main Street, 25, 21, 14 Hammond Street, 26 West Avenue, Village of Patchogue, Town of Brookhaven, New York (Section: 9; Block: 6; Lots: 1.6, 1.9, 3, 4, 5, 13, 14, 18 & 24) (the "Land"), (B) the construction, renovation, equipping and furnishing of two four-story mixed-use buildings with a total of 262 residential units, of which 49 are studios, 141 are one-bedroom units and 72 are two-bedroom units, with retail, office space, two parking garages and outdoor parking totaling approximately 444,458 square feet, with (i) 27 of such units to 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 (ii) 26 of such units to 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, shared common areas, a public riverwalk, two swimming pools, two gyms, lobby space, a pet spa, lounge bar, golf simulator and other amenities and the furnishing thereof, furniture, appliances, structures, equipment 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 housing and lifestyle activities for the residents of Patchogue and Long Island to be known as 214 W Main Street (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 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, exemptions from sales and use taxes in connection with the construction and equipping of the Facility, and an exemption or abatement from real property taxes.

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. Prior to the hearing, all persons will have the opportunity to review on the Agency's website (https://brookhavenida.org/) 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: March 14, 2025
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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