Owl Hill Update
After securing $500,000 in State monies and matching that
amount utilizing preservation funds, the Town of Smithtown
contracted to purchase multiple acres at the Owl Hill
site for $1,000,000. After securing an appraisal, the Town
has entered into negotiations with the owners of Owl Hill
to nail down how much acreage will be preserved. Details
are still forthcoming. In addition, news recently broke confirming
that the owners of Owl Hill switched real estate
brokers – relisting the property for sale. If anyone knows
of a Smithtown business that requires the purchase of TDR flow.
Owl Hill Update
The Planning Department has advised that the Town has officially signed the contract required by the State in order for the Town to secure the $500,000 preservation grant that it was awarded by the Office of Parks, Recreation and Historic Preservation for the acquisition of acreage at the Owl Hill Site. The Town has commissioned an appraiser to value the property for the purpose of determining a fair market value per acre. We will keep the community apprised of further developments.
As a note to our members: If you or any person or company that you do business with requires additional sewer flow rights in order to expand a business in Smithtown or Suffolk County, please contact the FSA so we can put you in touch with the parties who are in charge of the TDR Programs (Transfer of Development Rights) in our area. As reported in several of our prior newsletters, the local TDR programs allow commercial property owners to expand their business in exchange for their purchasing development right credits (aka density flow rights) from undeveloped land, resulting in the preservation of that lot in perpetuity. In short, these TDR programs offer us the opportunity to preserve and protect more acreage in our beloved hamlet – – let’s take advantage!