Riverhead Industrial Development Agency

The Riverhead Town Board today approved transfer of the town’s land holdings inside the Calverton Enterprise Park to the Riverhead Industrial Development Agency, pursuant to an agreement reached between the town and its contract vendee, Triple Five affiliate Calverton Aviation and Technology.

Lee Mendelson of Aquebogue, an attorney and founder of the Orange County, New York-based cannabis testing lab, Phyto-Farma, has been named to the Riverhead Industrial Development Agency.

A proposed resolution authorizing the transfer of land at the Calverton Enterprise Park to the Riverhead Industrial Development Agency will not be on tonight’s town board and CDA meeting agendas.

A proposed five-story, 37-unit apartment building on Osborn Avenue and Court Street drew criticism from Riverhead Free Library, Riverhead Central School District and others at a town board public hearing Tuesday.

The town board on Tuesday authorized a $50,000, six-month contract with the Riverhead IDA for marketing services. But the IDA board chairman said the agency hasn't authorized the contract and still needs to discuss it.

The developer proposing a five-story mixed-use building on the corner of Osborn Avenue and Court Street is asking the Riverhead Industrial Development Agency for a 10-year real property tax abatement, as well as mortgage tax and sales/use tax exemptions in connection with its $19.6 million project.

Island Water Park, a proposed "extreme water sports park" on a 46-acre site in Calverton adjacent to Riverhead’s Veterans Memorial Park, gained approval from the Riverhead Industrial Development Agency yesterday of its application for financial assistance, including a 10-year property tax abatement, and mortgage recording and sales tax exemptions.

The developer cited positive economic impacts of the proposed market-rate rental apartment building, including increased tax revenues, foot traffic and increased downtown commerce.

Two recent development projects in Riverhead Town, along with the Riverhead Industrial Development Agency were honored last week by the Long Island Business News at the media company's Real Estate, Architecture and Engineering Awards.

After Island Exterior Fabricators declined a financial assistance package approved by the Riverhead Industrial Development Agency earlier this month, the board convened a special meeting Friday afternoon to increase its the property tax abatement offered by more than $1 million over 15 years.