Public Hearing – Great Neck Chemists, Inc. of N.Y. / Precision Compounding Pharmacy & Wellness Inc.

NOTICE OF PUBLIC HEARING

ON PROPOSED ADDITIONAL FINANCIAL ASSISTANCE

Notice is hereby given that a public hearing pursuant to Section 859-a(2) of the General Municipal Law of the State of New York (the “Act”), will be held by the Town of Babylon Industrial Development Agency (the “Agency”), on the 22 day of October, 2024 at 1:00 p.m., local time, at Old Town Hall, 47 West Main Street in Babylon, New York 11702. in connection with the following matters:

At the request of Great Neck Chemists, Inc. of N.Y. (the “Parcel 1 Operating Company”), Precision Compounding Pharmacy & Wellness Inc. (the “Parcel 2 Operating Company”), 69 Allen Boulevard LLC (the “Parcel 1 Real Estate Holding Company”) and 61-65 Allen Boulevard LLC (the “Parcel 2 Real Estate Holding Company”), on behalf of themselves and/or entities formed or to be formed on behalf of the foregoing, the Agency has agreed to undertake a project (the “Original Project”) consisting of the following: (1) the acquisition of an interest in approximately 0.51 acres of real estate located at 69 Allen Boulevard, Farmingdale (Tax Map #0100-095.00-03.00-007.000) in the Town of Babylon, Suffolk County, New York (the “Parcel 1 Land”), the renovation of an existing approximately 10,000 square foot building located on the Parcel 1 Land (the “Parcel 1 Improvements”), and the acquisition and installation therein and thereon of certain equipment and personal property not part of the Parcel 1 Equipment (as such term is defined herein) (the “Parcel 1 Facility Equipment”; and, together with the Parcel 1 Land and the Parcel 1 Improvements, the “Parcel 1 Company Facility”), which Parcel 1 Company Facility is to be leased and subleased by the Agency to the Parcel 1 Real Estate Holding Company and further subleased by the Parcel 1 Real Estate Holding Company to the Parcel 1 Operating Company; (2) the acquisition and installation of certain equipment and personal property (the “Parcel 1 Equipment” and, together with the Parcel 1 Company Facility, the “Parcel 1 Facility”), which Parcel 1 Facility will be used by the Parcel 1 Operating Company as a distribution facility and related uses for its business of pharmaceutical distribution, including to long-term care facilities; (3) the acquisition of an interest in approximately 0.51 acres of real estate located at 61-65 Allen Boulevard, Farmingdale (Tax Map #0100-095.00-03.00-006.000) in the Town of Babylon, Suffolk County, New York (the “Parcel 2 Land”; and together with the Parcel 1 Land, the “Original Land”), the renovation of an existing approximately 10,000 square foot building located on the Parcel 2 Land (the “Parcel 2 Improvements”), and the acquisition and installation therein and thereon of certain equipment and personal property not part of the Parcel 2 Equipment (as such term is defined herein) (the “Parcel 2 Facility Equipment”; and, together with the Parcel 2 Land and the Parcel 2 Improvements, the “Parcel 2 Company Facility” and, together with the Parcel 1 Company Facility, the “Original Company Facilities”), which Parcel 2 Company Facility is to be leased and subleased by the Agency to the Parcel 2 Real Estate Holding Company and further subleased by the Parcel 2 Real Estate Holding Company to the Parcel 2 Operating Company; and (4) the acquisition and installation of certain equipment and personal property (the “Parcel 2 Equipment” and, together with the Parcel 2 Company Facility, the “Parcel 2 Facility”; the Parcel 1 Facility and the Parcel 2 Facility, together, the “Original Facility”), which Parcel 2 Facility will be used by the Parcel 2 Operating Company as a manufacturing and distribution facility and related uses for its business as a manufacturer and distributor of specialty compounding pharmaceuticals and medication.

In connection with the Original Project, the Agency will provide certain exemptions from taxation with respect to the Original Project, including exemptions from certain (1) sales and use taxes relating to the acquisition, reconstruction and installation of the Original Facility, (2) real estate transfer taxes on any real estate transfers with respect to the Original Project, (3) mortgage recording taxes (except as limited by Section 874 of the Act), and (4) real property taxes (but not including special assessment and ad valorem levies), subject to the obligation of the Real Estate Holding Companies and the Operating Companies to make certain payments in lieu of taxes with respect to the Original Facility.

The Real Estate Holding Companies and the Operating Companies have submitted an amended application (the “Amended Application”), a copy of which is on file at the office of the Agency, and have requested that the Agency consider amending the Original Project in order to add the following: the acquisition of an interest in and renovations to an approximately 18,500 square foot portion (the “Additional Improvements”) of a 47,000 square foot building located at 120-130 Broadhollow Road, Farmingdale (tax map number 0100-95.00-1.00-40.003) in the Town of Babylon, Suffolk County, New York (such portion thereof relating to the Additional Improvements, the “Additional Land”), and the acquisition and installation therein and thereon of certain equipment and personal property (the “Additional Equipment”; and, together with the Additional Land and the Additional Improvements, the “Additional Facility”) (the Additional Facility and the Original Facility together, the “Facility”), which Additional Facility is to be leased and subleased by the Agency to Precision Compounding Pharmacy & Wellness Inc. and will be used by Precision Compounding Pharmacy & Wellness Inc. as a manufacturing and distribution facility and related uses for its business as a manufacturer and distributor of specialty compounding pharmaceuticals and medication.

Precision Compounding Pharmacy & Wellness Inc. will be the initial operator of the Additional Facility.

In connection with the Additional Facility, the Agency will (A) lease the Additional Facility from Precision Compounding Pharmacy & Wellness Inc. and will sublease the Additional Facility back to the Precision Compounding Pharmacy & Wellness Inc.  The Agency contemplates that it will provide financial assistance to Precision Compounding Pharmacy & Wellness Inc. in the form of exemptions from sales and uses taxes, mortgage recording taxes, if a mortgage is required, transfer taxes and abatements of real property taxes consistent with the policies of the Agency.  A representative of the Agency will at the above-stated time and place to hear and accept written comments from all persons with views in favor of or opposed to either the proposed Additional Financial Assistance to Precision Compounding Pharmacy & Wellness Inc. or the location or nature of the Additional Facility.

Project Application: The Amended Application together with a cost benefit analysis with respect to the Additional 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 2024 you will find the application for “Great Neck Chemists, Inc. of N.Y. / Precision Compounding Pharmacy & Wellness Inc.”  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 to the hearing.

Participation at the Hearing: Persons desiring to submit comments concerning the Additional Facility and the Additional 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 October 22, 2024, 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 Town of Babylon 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: (https://www.youtube.com/@babylonida3966).