Public Hearing – L.I. Adventureland, Inc.

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NOTICE OF PUBLIC HEARING
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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 25 day of February, 2025 at 1:00 p.m., local time, at Old Town Hall, 47 West Main Street in Babylon, NY 11702 in connection with the following matters:

L.I. Adventureland, Inc. (the “Operating Company”), WM Amusements, Inc. (the “Broadhollow Real Estate Holding Company” or “Broadhollow REHC”) and APSVG Realty Corp. (the “Smith Real Estate Holding Company” or “Smith REHC”), 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: (A)(1) the acquisition of an interest in approximately 9.5 acres of real estate located at 2235‑2245 Broadhollow Road, East Farmingdale (Tax Map #0100-003.00-01.00-004.014) in the Town of Babylon, Suffolk County, New York (the “Broadhollow Land”), including the existing buildings and amusement park facilities located thereon (the “Broadhollow Existing Improvements”); (2) the construction, equipping and furnishing of a new approximately 1,000 square foot building and the undertaking of various site improvements to the Broadhollow Land and the Broadhollow Existing Improvements, including acquisition and installation of additional and/or replacement amusement park rides, and related infrastructure updates, sitework and major landscaping, all to be located on the Broadhollow Land (the “Broadhollow Improvements”), and the acquisition and installation therein and thereon of certain equipment and personal property not part of the Broadhollow Equipment (as such term is defined herein) (the “Broadhollow Facility Equipment”; and, together with the Broadhollow Land, the Broadhollow Existing Improvements and the Broadhollow Improvements, the “Broadhollow Company Facility”), which Broadhollow Company Facility is to be leased and subleased by the Agency to the Broadhollow REHC and further subleased by the Broadhollow REHC to the Operating Company; (3) the acquisition and installation of certain equipment and personal property (the “Broadhollow Equipment” and, together with the Broadhollow Company Facility, the “Broadhollow Facility”), which Broadhollow Facility will be used by the Operating Company for its business as an operator of an amusement park; and (B)(1) the acquisition of an interest in approximately 1.38 acres of real estate located at 120 Smith Street, East Farmingdale (Tax Map #0100-002.00-01.00-017.002) in the Town of Babylon, Suffolk County, New York (the “Smith Land”), including the existing buildings located thereon (the “Smith Existing Improvements”); (2) the undertaking of various improvements to the Smith Land and the Smith Existing Improvements located on the Smith Land (the “Smith Improvements”), and the acquisition and installation therein and thereon of certain equipment and personal property not part of the Smith Equipment (as such term is defined herein) (the “Smith Facility Equipment”; and, together with the Smith Land, the Smith Existing Improvements and the Smith Improvements, the “Smith Company Facility”), which Smith Company Facility is to be leased and subleased by the Agency to the Smith REHC and further subleased by the Smith REHC to the Operating Company; and (3) the acquisition and installation of certain equipment and personal property (the “Smith Equipment” and, together with the Smith Company Facility, the “Smith Facility”; the Broadhollow Facility and the Smith Facility, together, the “Facility”), which Smith Facility will be used by the Operating Company as a warehouse facility and for related uses for its business as an operator of an amusement park.

The Broadhollow REHC will be the initial owner of the Broadhollow Company Facility and the Operating Company will be the initial operator of the Broadhollow Facility. The Smith REHC will be the initial owner of the Smith Company Facility and the Operating Company will be the initial operator of the Smith Facility.

In connection with the Project, the Agency will (A) lease the Broadhollow Company Facility from the Broadhollow REHC and will sublease the Broadhollow Company Facility back to the Broadhollow REHC; (B) obtain an interest in the Broadhollow Equipment from the Operating Company and lease the Broadhollow Equipment back to the Operating Company; (C) lease the Smith Company Facility from the Smith REHC and will sublease the Smith Company Facility back to the Smith REHC; and (D) obtain an interest in the Smith Equipment from the Operating Company and lease the Smith Equipment back to the Operating Company.  The Agency contemplates that it will provide financial assistance to the Operating Company, the Broadhollow REHC and the Smith REHC in the form of exemptions from sales and uses taxes and 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 hear and accept written comments from all persons with views in favor of or opposed to either the proposed financial assistance to the Operating Company, the Broadhollow REHC and the Smith REHC 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 “L.I. Adventureland, 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 at www.babylonida.org/calendar 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 February 25, 2025, 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/news-events. Under the section titled “Upcoming Events”, identify the IDA board meeting and follow the link titled “Event Details”. 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/streams.