Bowl 58’s new owners looking for tax breaks

12/21/2011 1:52 PM |

BARBARAELLEN KOCH FILE PHOTO | The vacant and half-built bowling center was sold this year by Bank of Smithtown, which had foreclosed on the property.

The new owners of the Bowl 58 property on Main Road in Riverhead are now seeking the same tax breaks the previous owners were awarded but never took advantage of.

The Riverhead Industrial Development Agency has set a public hearing for Wednesday, Jan. 4, on an application from Main Road Holdings LLC, doing business as 10 Pin of Aquebogue LLC, for IDA benefits. The hearing is scheduled for 5 p.m. in Town Hall.

Both companies have the same Medford mailing address as Rimland Equities. Main Road Holdings is the company that, in April, bought the $7.5 million loan the original owners, Route 58 LLC, took from Bank of Smithtown, which had foreclosed on Bowl 58 in June 2010.

The IDA voted in January 2010 to give the original Bowl 58 owners a seven-year property tax break on improvements on the land, including a 50 percent abatement in each of the first three years and lesser amounts thereafter.

However, the original owners never filed the necessary paperwork with the assessor’s office and, as a result, the company never received the tax breaks, according to town assessor Mason Haas.

Town Board members said they have seen workers at the site recently.

“It is moving forward,” Supervisor Sean Walter said at Tuesday’s Town Board meeting.

The new IDA application seeks property tax abatements, mortgage tax abatements and sales tax exemptions on materials used in the construction, according to the legal notice that appears in this week’s News-Review.

The IDA will also hold a hearing Jan. 4 on a request for benefits from Mirah Max LLC and Ralph’s of Riverhead to renovate the former auto parts building across from The Riverhead Project restaurant on Main Street. An ice cream store is one of the planned uses, officials said.

That meeting will be the first for newly appointed IDA member Dawn Thomas, the former town attorney appointed Tuesday to replace Kathy Courtney, who recently resigned.

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