Calverton Aviation and Technology, the company seeking to purchase 1,644 acres of vacant land in the Calverton Enteprise Park from the Town of Riverhead, will be making a presentation to area business owners on Wednesday in Riverhead.
The Riverhead Chamber of Commerce is hosting the “business to business” event. Attendance is limited to members of the Riverhead Chamber, the North Fork Promotion Council, Riverhead Rotary, Eastern Long Island Executives and the Riverhead Business Improvement District, the chamber said in an announcement.
“Presenting the Potential! EPCAL 2.0 Explained” will be held at the Residence Inn on Route 58 on March 7, from 5:30 to 7:30 p.m.
“Join us for a presentation by CAT on their planned use of EPCAL,” a Riverhead Chamber of Commerce invitation emailed yesterday said.
Calverton Aviation and Technology is an LLC formed in December to enter into a contract with the Riverhead Community Development Agency to purchase the land for $40 million.
The company is a joint venture of Triple Five Realty-I and Luminati Aerospace.
The Riverhead Town Board in a 3-2 vote on Dec. 19 approved a contract of sale with Calverton Aviation and Technology.
As per the “Intended Development Plan” attached to the purchase agreement Luminati Aerospace is expected to locate at the site, along with “companies which will support Luminati’s operations, including metal companies, machining companies, composite companies, metal forming companies, assemblers and systems integrator companies, engineering companies, defense companies and aircraft servicing companies.”
Also expected to locate at the site, according to the development plan, are “technology companies that will have a synergistic relationship with the other companies located at or near the property,” “businesses that can benefit from use of the runways” and the Federal Aviation Authority [sic].”
Calverton Aviation and Technology will build out at least 1 million square feet of commercial and industrial space, according to the development plan. “IT is contemplated that the build-out will commence within 18-24 months of the receipt of required approvals and will take approximately five (5) years,” the plan says.
The development plan requires the purchaser to make runway improvements costing no less than $1 million within two years of the closing. both runways with a lighting system, enhance security and reactivate the GPS approach system.
“Primary emphasis will be on the development of aviation, technology and supportive uses in addition to those uses permitted under Town Code sections 301-341. Building and space that is ancillary to the commercial and industrial uses shall be as permitted under Town Code sections 301-341 and the Agreement of Sale and as reasonably determined to be beneficial to the primary uses,” according to the Intended Development Plan.
The contract is subject to a determination by the town board that the company is a “qualified and eligible sponsor” under state law to purchase and develop the site, which is located in an urban renewal zone. The “qualified and eligible” determination is required for the town to sell the property without a public bid. Development plans must fulfill the town’s adopted urban renewal plan for the Enterprise Park at Calverton.
The town is required to hold a public hearing before making a “qualified and eligible sponsor” determination. The hearing opened on Tuesday, Feb. 27 and was adjourned to March 13 after nearly four hours of testimony.
Members of the business organizations invited to the EPCAL 2.0 presentation must register in advance. Click here. RSVP is due by March 5.
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