Notice of Public Hearing - Jefferson's Ferry

09/10/26

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the Town of Brookhaven Local Development Corporation (the “Issuer”) on the 22nd day of September, 2026, at 10:00 a.m., local time, at the Corporation’s offices located at Town of Brookhaven Town Hall, 2nd Floor, One Independence Hill, Farmingville, New York 11738, in connection with the following matters:

WHEREAS, Active Retirement Community, Inc. d/b/a Jefferson’s Ferry, a New York not-for-profit corporation and an organization described in Section 501(c)(3) of the Code and exempt from federal income taxation pursuant to Section 501(a) of the Code (the “Institution”), has submitted an application, dated June 23, 2026 to the Issuer, requesting that the Issuer issue in one or more series as part of a plan of financing its Revenue Bonds, Series 2026 (Active Retirement Community, Inc. d/b/a Jefferson’s Ferry Project), as qualified 501(c)(3) bonds under Section 145 of the Code, in the aggregate principal amount presently expected to be $30,925,000 but not to exceed $35,500,000 (the “Series 2026 Bonds”), for the benefit of the Institution, for the purpose of  providing funds in an amount sufficient for:

(A) The current refunding of all or a portion of the Issuer’s outstanding Revenue Refunding Bonds, Series 2016 (Active Retirement Community, Inc. d/b/a Jefferson’s Ferry Project) (the “Series 2016 Bonds”) previously issued for the benefit of the Institution in the original aggregate principal amount of $38,040,000, the proceeds of which were used to:

 (i) refinance the Suffolk County Industrial Development Agency Continuing Care Retirement Community Revenue Refunding Bonds (Jefferson’s Ferry Project - Series 2006), issued in the original aggregate principal amount of $55,545,000 (the “Series 2006 Bonds”), the proceeds of which Series 2006 Bonds were used for the purposes of (1) refunding the Suffolk County Industrial Development Agency Continuing Care Retirement Community First Mortgage Fixed Rate Revenue Bonds (Jefferson’s Ferry Project – Series 1999A), issued in the original aggregate principal amount of $50,185,000 (the “Series 1999A Bonds”), the proceeds of which Series 1999A Bonds, along with other bonds which have been retired, were used to finance the acquisition, construction and equipping of “Jefferson’s Ferry”, a New York State not-for-profit Continuing Care Retirement Community authorized under Article 46 of the New York Public Health Law, located at One Jefferson Ferry Drive, South Setauket, New York 11720-2645 consisting of the acquisition of an approximately 50.0 acre site (the “Land”), the construction of a continuing care retirement community and related structures thereon, and the acquisition and installation of machinery and equipment in connection therewith, all for the establishment of a continuing care retirement community for the benefit of eligible senior citizens, consisting of 248 independent living units (including 220 apartments and 28 cottages), 60 enriched housing apartments, 60 skilled nursing facility beds, common areas, dining facilities, nurses’ stations, rehabilitation and treatment facilities, administrative offices and related infrastructure such as roads, sewers, utilities, parking lots, drainage areas, ponds and maintenance facilities (collectively, the “Original Facility”); (2) funding a debt service reserve fund; (3) paying redemption premiums in connection with the Series 1999A Bonds; and (4) paying certain costs of issuance;

(ii) finance or refinance the construction, renovation, installation, equipping, improvements or upgrades of the Original Facility and/or other facilities located on the Land, including, but not limited to, improving and updating of the independent apartments and cottages, enriched housing units and skilled nursing beds, renovating portions of the common areas, and overall maintenance and continued improvement and upkeep of the facilities, the construction of an approximately 12,000 square foot expansion located adjacent to the community center and pool to provide additional residential and employee fitness facilities and related facilities, renovating the memory care unit and/or the acquisition and installation of fitness equipment, medical equipment, office furniture, desks, and furniture for residential units, common areas, dining facilities, nurses’ stations, rehabilitation and treatment facilities, and administrative offices (the “Series 2016 Facility”); 

(iii) the payment of all or a portion of the costs incidental to the issuance of the Series 2016 Bonds, including issuance costs of the Series 2016 Bonds, capitalized interest and any reserve funds as may be necessary to secure the Series 2016 Bonds; and 

(B) the financing or refinancing of the construction, renovation, installation, equipping, improvements or upgrades of the Original Facility, the Series 2016 Facility and/or other facilities located on the Land including, but not limited to, improving and updating of the independent apartments and cottages, enriched housing units and skilled nursing beds, renovating portions of the common areas, and overall maintenance and continued improvement and upkeep of the facilities (the “Series 2026 Facility”; and, together with the, Series 2016 Facility and the Original Facility, the “Facility”); and 

(C) the payment of all or a portion of the costs incidental to the issuance of the Series 2026 Bonds, including issuance costs of the Series 2026 Bonds, capitalized interest and any reserve funds as may be necessary to secure the Series 2026 Bonds (clauses (A), (B) and (C) are referred to collectively as, the “Project”).

The proceeds of the Series 2026 Bonds will be loaned by the Issuer to the Institution pursuant to the terms of a certain loan agreement (the “Loan Agreement”) between the Issuer and the Institution to pay the costs of the Project. The Institution will be initial owner and principal user of the Facility. The Series 2026 Bonds will be special obligations of the Issuer payable solely from loan payments made by the Institution to the Issuer pursuant to the Loan Agreement and certain other assets of the Institution pledged to the repayment of the Series 2026 Bonds. The Series 2026 Bonds shall not be a debt of the State of New York or any political subdivision thereof, including the Town of Brookhaven, and neither the State of New York nor any political subdivision thereof, including the Town of Brookhaven, shall be liable thereon. 

In addition to the issuance of the Series 2026 Bonds, the Issuer contemplates that it will provide financial assistance to the Institution in connection with the Project in the form of
exemptions from mortgage recording taxes in connection with the financing or subsequent refinancing of the Facility, consistent with the policies of the Issuer, to be more particularly
described in a bond resolution to be adopted by the Issuer prior to the issuance of the Series 2026 Bonds. 

A representative of the Issuer will, at the above-stated time and place, hear and accept written comments from all persons with views in favor of or opposed to either the issuance of the Series 2026 Bonds, the granting of other financial assistance contemplated by the Issuer or the location or nature of the Project. At the hearing, all persons will have the opportunity to review the application for financial assistance filed by the Institution with the Issuer, and an analysis of the costs and benefits of the proposed Project.

Minutes of the hearing will be made available to Hon. Daniel J. Panico, Supervisor of the Town of Brookhaven. Approval of the issuance of the Series 2026 Bonds by the Town of Brookhaven, through Hon. Daniel J. Panico, is necessary in order for the interest on the Series 2026 Bonds to be excluded from gross income for federal income tax purposes.

Dated: September 11, 2026 
TOWN OF BROOKHAVEN LOCAL DEVELOPMENT CORPORATION
By: Lisa MG Mulligan
Title: Chief Executive Officer

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