Supplemental Notice of Public Hearing - GGV Grove Apartments LLC 10-23-23

10/10/23

Application
CBA
Economic Impact Analysis
Additional Documents

SUPPLEMENTAL 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 23rd day of October, 2023, at 10:30 a.m. local time, at the Agency’s offices located at Town of Brookhaven Town Hall, 1 Independence Hill, 2nd Floor, Farmingville, New York 11738, in connection with the following matters:

GGV Grove Apartments 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 GGV Grove Apartments 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: (a) the acquisition of an approximately 2.78-acre parcel of land located at 400 East Main Street, Patchogue, New York 11772 (SCTM# 0200-977.50-06.00-006.001, 006.002 & 009.000) (the “Land”), (b) the demolition of an approximately 8,422 square foot existing building thereon, (c) the construction and equipping of three (3) two-story buildings approximately 64,270 square feet in total consisting of fifty-five (55) units of mixed-income multifamily rental apartments (including seventeen (17) units targeted for households earning up to 50% area median income (“AMI”), twenty-six (26) units targeted for households earning up to 60% AMI, seven (7) units targeted for households earning up to 80% AMI, five (5) units targeted for households earning up to 90% AMI (the “Improvements”), and (d) 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 to be used by the Company to provide mixed-income, multi-family rental apartments for the residents of East Patchogue (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. The Agency 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 in connection with the construction and equipping of the Facility and abatement of real property taxes consistent with the uniform tax exemption policies (“UTEP”) 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. 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

This Supplemental Notice of Public Hearing amends the Notice of Public Hearing originally published by the Agency on June 2, 2023 and the revision made in this Supplemental Notice of Public Hearing is to reflect (i) a change in the number of rental units being offered at 60% AMI from twenty-four (24) units, to twenty-six (26) units, (ii) a change in the number of rental units being offered at 90% AMI from six (6) units, to five (5) units, and (iii) the removal of one (1) unit to be reserved for an on-site resident manager.

Dated: October 13, 2023
TOWN OF BROOKHAVEN INDUSTRIAL DEVELOPMENT AGENCY
By: Lisa MG Mulligan
Title: Chief Executive Officer

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