Riverhead Industrial Development Agency

The six-figure influx of revenue in fees due from CAT would come as the cash-strapped agency finds itself facing “substantial doubt” about its “ability to continue as a going concern,” according to its audited financial statements.

The public on Monday got a glimpse of what’s been taking place behind the scenes as the Riverhead Industrial Development Agency begins vetting the joint application for financial assistance made by Calverton Aviation Technology and the Riverhead Community Development Agency.

Calverton Aviation & Technology's attorney said in September his client hoped to gain approval from the IDA by the end of 2022 or early in 2023. Five months later, it's not clear whether the IDA's vetting process has even begun.

The developers of a proposed 165-unit apartment building on East Main Street presented their plans to the Riverhead Industrial Development Agency Monday evening.

Restaurant Depot, which plans to open its fourth Long Island warehouse in Riverhead later this year, was granted financial assistance for the Route 58 development by the Riverhead Industrial Development Agency Monday.

The owner of the subsidized apartment complex sought a new 30-year agreement setting its property taxes at $72,000 per year, about 45% of what current taxes would be.

Riverhead IDA's own legal counsel in federal court filings accuses Triple Five principals, including two men involved in the Calverton land deal, of using a shell company with no assets and no records to dodge personal liability.

The IDA board at a special meeting Dec. 21 appointed a new law firm to review the Triple Five affiliate's application for financial benefits, citing a “perception of a conflict of interest" of its existing counsel.

Calverton Aviation & Technology is walking back its presentation to the Riverhead Industrial Development Agency last month, maintaining that the plans unveiled at the IDA meeting did not depict an air cargo logistics hub at the Calverton Enterprise Park.

Riverhead IDA’s legal counsel, charged with the due diligence review of Calverton Aviation and Technology’s application for IDA benefits, has represented a Triple Five subsidiary in connection with its American Dream mall in New Jersey.