Triple Five Group of Companies has in excess of $40 million available to close the deal for the Calverton Enterprise Park acreage and at least three interested lenders willing to finance construction there to the tune of $120 million, according to documents submitted to the Town of Riverhead today by Triple Five.
In addition to letters from three institutional lenders expressing interest in financing a construction loan of up to $120 million, Triple Five also submitted a letter from Liberty Mutual stating that it is ready to issue a $120 million performance bond in connection with the proposed construction project in Calverton.
The company also submitted today a construction pro forma, setting forth a construction budget proposal prepared by Aurora Contractors of Ronkonkoma, a company Triple Five representative Stuart Bienenstock said would work with Triple Five’s longtime construction partner, PCL. The construction budget workup shows phase one construction costs of $99,740,101, with a total budget of $109,714,101 after a 10 percent contingency is factored in.
Triple Five provided a preliminary concept plan for phase one of the proposed project, prepared by BLD Architecture, and an economic benefits analysis prepared by James Lima Planning and Development Consultants.
“We have taken the supervisor’s, deputy supervisor’s and the entire board’s concerns to heart and believe that our submission clearly demonstrates we are fully qualified and eligible to execute our regional economic development plan,” Bienenstock said this afternoon.
A Triple Five Group affiliate is a majority owner and managing member of Calverton Aviation and Technology, a joint venture with Luminati Aerospace of Calverton.
CAT submitted the documents in response to the town’s request for additional financial information.
The company is seeking to purchase 1,643 acres of vacant land at the Calverton Enterprise Park from the Riverhead Community Development Agency for $40 million. A proposed purchase agreement was approved by the Riverhead Town Board in December.
A town board majority sought the additional financial information after deciding that information previously submitted by the applicant did not meet the requirements of the town’s qualified and eligible sponsor rules.
The board must now decide if it has enough information to determine whether the company is a “qualified and eligible sponsor” — a determination required by state law before a municipality can sell land in a designated urban renewal area without a bidding process or an appraisal.
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