The Riverhead Town Board is expected to vote on a resolution Tuesday to set a Feb. 27 qualified and eligible sponsor hearing on the potential $40 million sale of town land at the Enterprise Park at Calverton.
The town released the contract on the sale of about 1,600 acres to Calverton Aviation & Technology LLC, a joint venture between Luminati Aerospace LLC and Triple Five Real Estate I LLC, in December.
The hearing will be where the joint venture proves it has the finances to carry out the development plan, as well to learn more about the principals of Triple Five.
The contract, which is available on the town’s website, outlines requirements and an intended development plan that states that development of aviation, technology and supportive uses are to be the primary focus at the site.
A Q&E hearing was intended for mid-January, but the discovery that Triple Five changed the name of the principal in Calverton Aviation and Technology led to Town Board members postponing the public hearing.