Riverhead Town’s attorneys are asking for a 10-day extension to review Luminati Aerospace’s finalized version of a contract to buy more than 1,000 acres of town-owned land at the Enterprise Park at Calverton for $40 million, according to Councilman Tim Hubbard.
The extension appears to have support for the board majority, as Mr. Hubbard, along with Councilmen Jim Wooten and John Dunleavy, said they also support it.
Councilwoman Jodi Giglio is opposed, and Supervisor Sean Walter could not be reached for comment.
Mr. Hubbard said Luminati had until Nov. 30 to send back a “red-lined” contract showing changes it sought to the contract sent by the town. Mr. Hubbard said they did that on Monday, and the outside legal counsel the town hired to review the contract has asked for ten additional days to review Luminati’s requested changes.
“From what I’ve’ seen of it, it appears to be mostly language – like legal-eeze,” he said. “There isn’t anything huge that they are requesting, meaning we are not too far apart on this.”
Mr. Hubbard, who has been critical of the Luminati deal, said he favors granting the additional 10 days.
“Where there’s not any major details that appear to need to be worked out, I am in favor of giving our attorney 10 days to do the right thing,” he said.
If the two sides agree on the contract, the next step would be a “qualified and eligible” sponsor hearing, in which Luminati would have to show it has the financial wherewithal to carry out the project it has proposed for the site, which is aviation manufacturing.
Billionaire John Catsimatidis is said to be in negotiations to be a financial partner with Luminati.
Mr. Dunleavy, who also has been critical of the Luminati sale, said he would have no problem with the 10-day extension because he feels the deal should be put off until newly-elected board members, Supervisor-elect Laura Jens-Smith and Councilwoman-elect Catherine Kent, take office, replacing Mr. Walter and Mr. Dunleavy.
Mr. Hubbard said that if the new members asked the board to hold off, he would support that.
Ms. Jens-Smith said she would want to see the contract before making that request. Councilwoman Jodi Giglio is opposed to the extension, unless there’s a cash consideration.
“I asked for a $500,000 non-refundable down payment. and then I would give them another 10 days,” Ms. Giglio said. “And if they are that serious with the contract, it shouldn’t be a big deal for them to pay it.”
Photo caption: Inside Luminati’s Calverton facility at a press event earlier this year. (Credit: Krysten Massa, file)