Notice of public hearing wallace oakland

10/29/19

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Title 1 of Article 18-A of the New York State General Municipal Law will be held by the Town of BrookhavenIndustrial Development Agency (the “Agency”) on the 4th day of November, 2019, at 10:00 a.m.,local time, at Town of Brookhaven Division of Economic Development, 1Independence Hill, Second Floor, Farmingville, New York 11738, in connection with thefollowing matters:

The Agency previously provided assistance to Four Keys Realty, LLC , a limited liability company organized and existing under the laws of the State of New York ( the “Company”), and United Fence And Guard Rail Corp., a business corporation organized and existing under the laws of the State of New York (the “Sublessee”), in (a) the acquisition of an approximately 8.7 acre parcel of land (the “Land”), the construction of an approximately 25,000 square foot building and other improvements thereon (the “Improvements”), and the acquisition and installation therein of certain equipment not part of the Equipment (as defined herein) (the “Facility Equipment”), located at 19 Zorn Boulevard, Yaphank, Town of Brookhaven, Suffolk County, New York (and further described on the Suffolk County Tax Map No. 200-814.00-04.00-001.000, 002.000 and 011.001) (collectively, the Land, Improvements and Facility Equipment may be referred to as the “Company Facility”), to be leased by the Agency to the Company, and subleased by the Company to (i) the Sublessee for distribution, storage, and installation of guard rails, bulk fencing, and related supplies, and (ii) Master-Halco, Inc., a California corporation authorized to conduct business in the State of New York, for distribution and storage of fencing materials and related products, and (b) the acquisition and installation of certain equipment and personal property (the “Equipment,” together with the Company Facility, the “Facility”) to be leased by the Agency to the Sublessee for the distribution, storage, and installation of guard rails, bulk fencing, and related supplies (the “Project”).

In connection therewith, the Agency acquired a leasehold interest in the Land and Improvements and title to the Facility Equipment pursuant to a certain Company Lease Agreement, dated as of September 1, 2016, as amended (the Company Lease”), and the Company leased the Company Facility from the Agency and agreed to make certain payments-in-lieu-of taxes on the Company Facility, pursuant to a certain Lease and Project Agreement, dated as of September 1, 2016, as amended (the “Lease Agreement”).

The Wallace Oakland Unified Credit Trust, a testamentary trust created under the laws of the State of New York (the “Oakland Trust”), has now applied to the Agency for the Agency’s consent to the acquisition of the Company Facility by the Oakland Trust, the assignment by the Company to the Oakland Trust of all of the Company’s right, title and interest under the Company Lease and the Lease Agreement, and certain other agreements, the assumption by the Oakland Trust of all such rights, title, interest and obligations of the Company thereunder, the leasing by the Oakland Trust of the Company Facility to the Company and the continued subleasing of the Company Facility by the Company to the Sublessee and Master Halco, Inc.

The Agency contemplates that it will provide financial assistance to the Oakland Trust in the form of exemptions from mortgage recording taxes in connection with the acquisition and financing (or any subsequent refinancing) of the Company Facility, and continued 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 Oakland Trust 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 Oakland Trust with the Agency and an analysis of the costs and benefits of the Facility.

Dated: October 24, 2019
TOWN OF BROOKHAVEN
INDUSTRIAL DEVELOPMENT AGENCY
By:
Lisa MG Mulligan
Title: Chief Executive Officer

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