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On March 30, 2022, the Town of Smithtown Planning Board (the “Planning Board”) unanimously granted Gyrodyne, LLC’s (the “Company”) application for preliminary subdivision approval with respect to the Company’s Flowerfield property, subject to certain conditions including final approval of a stormwater pollution prevention plan, revisions as may be required pursuant to the SEQRA findings resolution (referenced below) adopted earlier and separation of common areas into separate lots.
The Planning Board issued its approval of the Company’s subdivision application after, earlier on March 30, 2022, adopting a findings resolution required under the State Environmental Quality Review Act, and then conducting a public hearing on the preliminary subdivision map. The findings resolution was a prerequisite to adopting and approving the preliminary subdivision application, and established certain thresholds with regard to future development of the entire Flowerfield property, including but not limited to thresholds on sanitary discharge, traffic, cleared area and required vegetation.
Certified resolutions of the Planning Board as to the SEQRA findings and as to the preliminary subdivision approval are attached as an exhibit to this Form 8-K.
The aforementioned findings resolution and preliminary approval of the subdivision application reflect the Planning Board's consideration of over four years of public comment and review of voluminous analyses of economic and environmental impacts, including but not limited to traffic, sewage treatment and viewshed.
The findings resolution and preliminary subdivision application approval allow the subdivision application to proceed to its next phase of final subdivision approval, which includes securing Suffolk County Department of Health and Department of Public Works approvals (pending), New York State Department of Transportation approvals and final subdivision map approval from the Town of Smithtown. In this regard, the Company will be required to provide additional engineering analysis to the Town of Smithtown, Suffolk County and New York State regarding, among other things, a proposed sewage treatment plant, proposed traffic improvements on local roadways and State Route 25A, and storm drainage, internal roadway and utility infrastructure, much of which analysis has already been completed.
The Company will continue to actively market its entire Flowerfield property on the basis of nine subdivided lots subject to and contingent upon final approval for the subdivision and related entitlements. The Company will also seek offers from potential buyers who may be willing to purchase the entire Flowerfield property or portions thereof on an “as is” basis, as well as offers for the Company as a whole, that the Company finds more attractive from a timing or value perspective.
Posted In: GYRO
