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Notice of Public Hearing - On the Common at Rocky Point LLC - (Meeting will be Livestreamed)

01/15/20

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 January, 2020, at 10:00 a.m. local time, at the Town of Brookhaven, Offices of Economic Development, One Independence Hill, 2nd Floor, Farmingville, New York 11738, in connection with the following matters:

On The Common at Rocky Point, 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 On The Common at Rocky Point, 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 three (3) parcels of land totaling approximately 1.64 acres (of which, an approximately .85 acre parcel is located on the south side of Prince Road, west of Tyler Street and east of Broadway, and an approximately .79 acre parcel is located on the south side of King Road beginning approximately 232 feet east of Broadway) (collectively, the “Land”), (B) (i) the demolition of an approximately 19,300 square foot building located thereon, (ii) the construction, equipping and furnishing of approximately ten (10) buildings which will provide for thirty-eight (38) one bedroom, one bath, approximately 600 square foot senior apartments (55+) with a maximum occupancy of two (2) seniors per apartment. The building located on the SW corner of Prince Road and Polk Street will include 1,200 square feet of office space, together with the acquisition, installation and equipping of improvements, structures and other related facilities attached to the Land (the “Improvements”), (C) the acquisition and installation therein of certain equipment and personal property including, but not limited to, including shared common recreation areas and other amenities and the furnishing thereof including, but not limited to, 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 to be known as On The Common at Rocky Point and used by the Company to provide affordable senior housing for the residents of Rocky Point (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 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: January 16, 2020 TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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