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

NOTICE OF PUBLIC HEARING

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 19th day of March, 2024 at 1:00 p.m., local time, at the Old Town Hall 47 West Main Street in Babylon, New York in connection with the following matters:

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, have presented an application to the Agency, a copy of which is on file at the office of the Agency, requesting that the Agency consider undertaking a project (the “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”), 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 “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 “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.

The Parcel 1 Real Estate Holding Company will be the initial owner of the Parcel 1 Company Facility and the Parcel 1 Operating Company will be the initial operator of the Parcel 1 Facility. The Parcel 2 Real Estate Holding Company will be the initial owner of the Parcel 2 Company Facility and the Parcel 2 Operating Company will be the initial operator of the Parcel 2 Facility.

In connection with the Project, the Agency will (A) lease the Parcel 1 Company Facility from the Parcel 1 Real Estate Holding Company and will sublease the Parcel 1 Company Facility back to the Parcel 1 Real Estate Holding Company; (B) obtain an interest in the Parcel 1 Equipment from the Parcel 1 Operating Company and lease the Parcel 1 Equipment back to the Parcel 1 Operating Company; (C) lease the Parcel 2 Company Facility from the Parcel 2 Real Estate Holding Company and will sublease the Parcel 2 Company Facility back to the Parcel 2 Real Estate Holding Company; and (D) obtain an interest in the Parcel 2 Equipment from the Parcel 2 Operating Company and lease the Parcel 2 Equipment back to the Parcel 2 Operating Company. The Agency contemplates that it will provide financial assistance to the Real Estate Holding Companies and the Operating Companies 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 financial assistance to the Real Estate Holding Companies and the Operating Companies or the location or nature of the Facility.

Project Application: The Project Application together with a cost 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 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 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 March 18, 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:

(www.youtube.com/@babylonida3966)