notice of public hearing - Port Jefferson Crossing

11/25/20

Letter to IDA to Amend Mortgage Recording Tax

CBA

NOTICE IS HEREBY GIVEN that due to the Novel Coronavirus (COVID-19) Emergency State and Federal bans on large meetings or gatherings and pursuant to Governor Cuomo’s Executive Order 202.1 issued on March 12, 2020, as amended to date, permitting local governments to hold public hearings by telephone and video conference and/or similar device, the Supplemental Public Hearing scheduled for December 8, 2020, at 10:00 a.m., local time, being held by the Town of Brookhaven Industrial Development Agency (the “Agency”), in accordance with the provisions of Article 18-A of the New York General Municipal Law will be held electronically via conference call instead of a public hearing open for the public to attend. Members of the public may listen to the Public Hearing, and comment on the Project (defined below) and the benefits to be granted by the Agency to the Company (defined below) during the Public Hearing, by calling (712) 770-5505 and entering access code 884-124. Comments may also be submitted to the Agency in writing or electronically. Minutes of the Public Hearing will be transcribed and posted on the Agency’s website, all in connection with the following matters:

Port Jefferson Crossing, 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 and/or equity investors of Port Jefferson Crossing, 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 for assistance in connection with the acquisition of an approximately 0.68 acre parcel of land located at 1609-1615 Main Street, Village of Port Jefferson, New York 11777 (SCTM# 0206-21.00-06.00-007.000, 009.002, 009.003 & 015.000) (the “Land”), the demolition of two (2) existing vacant buildings totaling approximately 5,158 square feet located thereon, the construction of a three-story, approximately 70,000 square foot building thereon (excluding the approximately 3,100 square foot portion located on the ground floor of the building to be used for commercial and/or retail space (the “Excluded Premises”)) (the “Improvements”), and the acquisition and installation therein of certain equipment and personal property, including, but not limited to appliances, elevators and HVAC (the “Equipment”; and together with the Land and the Improvements, the “Facility”), which Facility will be leased by the Company to the Agency and subleased by the Agency back to the Company and will used by the Company as a mixed-use affordable housing apartment complex containing approximately thirty-seven (37) one-bedroom units and eight (8) two-bedroom units, a below grade forty-nine (49) space parking garage for residents, a gym, community room, management office, residential lobby and laundry facilities (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 from the Company and the Agency will 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 demolition, construction and equipping of the Facility and exemption of real property taxes consistent with the uniform tax exemption policies (“UTEP”) of the Agency.

The Agency previously held a public hearing on September 15, 2020.

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: November 28, 2020
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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