NOTICE is hereby given pursuant to Article 18-A of the General Municipal Law of the State of New York (the “Act”), that the Town of Babylon Industrial Development Agency (the “Agency”), will hold a public hearing on the proposed granting of financial assistance to Park Plaza Holdings LLC (the “Company”), or any other real estate holding entity formed by the principals of Park Plaza Holdings LLC, a limited liability company organized and existing under the laws of the State of New York, with respect to a project (the “Project”) consisting of the demolition of an approximately 30,000 square foot building and the acquisition, construction and equipping thereon of a forty-eight unit commercial multifamily residential rental apartment facility for lease to the public by the Company with a 20% affordable housing component, to be located on that certain approximately 1.1 acre lot, located at 380 Eastern Parkway in Farmingdale, New York 11704 (the "Facility"), all for use by the Company in its development of land for residential housing business.
Pursuant to applicable State Law, the Agency proposes to grant certain financial assistance with respect to the Facility including certain exemptions from New York State and local sales and use taxation, local real property taxation and mortgage recording taxation as shall be determined by the Agency. Pursuant to the Act, the Facility, which is to be owned by the Company shall be transferred or leased to the Agency and leased or subleased to the Company.
Company: Park Plaza Holdings LLC, 380 Eastern Parkway, Farmingdale, New York 11735.
Facility Proposed Location is: 380 Eastern Parkway, Farmingdale, New York 11735.
Public Hearing: All persons, organizations, corporations or governmental agencies are invited to submit comments concerning the granting of financial assistance. The hearing will be held on May 18, 2022 at 8:00 A.M. at 47 West Main Street in Babylon, New York.
Project Application: The Project Application together with a costs benefit analysis with respect to the Facility shall be available for inspection by the public at the office of the Agency at the above specified address during the regular business hours of the Agency. For those members of the public desiring to review project applications and cost benefit analyses before the date of the hearing, copies of these materials will be made available at www.babylonida.org/documents. Click on the tab titled “Project Applications” Under the year 2022 you will find the application for “Park Plaza Holdings LLC”. Be advised that it is possible that certain of the aforementioned proposed transactions may be removed from the hearing agenda prior to the hearing date. Information regarding such removals will be available on the Agency’s website www.babylonida.org/calendar at on or about 12:00 P.M. of the day prior the hearing.
Participation at the Hearing: Persons desiring to submit comments concerning the Facility and the financial assistance to be granted thereto should contact the Town of Babylon Industrial Development Agency, 47 West Main Street, Babylon, New York Attention: Thomas E. Dolan, Chief Executive Officer, at (631) 587-3679 on or before May 17, 2022 at the office of the Agency. Written comments can be submitted prior to the hearing at that address. The Agency reserves the right to limit the time available to any person presenting comments. If you do not want to participate in the hearing, but would like to watch or listen to the proceeding, you may view a livestream of the meeting. Interested parties may view a livestream of the meeting online on the Town of Babylon IDA’s YouTube channel. To access the YouTube channel go to the IDA’s website at www.babylonida.org/documents. The second item on the documents page is titled “Meeting Videos and Livestream”, click this tab and follow the link provided. If you would like to access the IDA YouTube page directly from your browser you may insert the following World Wide Web address: