Printer Friendly

Solar firm withdraws EPCAL lawsuit.

Byline: David Winzelberg

A solar power company has withdrawn its lawsuit aimed at stopping a proposed sale of about 1,700 acres in Calverton. Sustainable Power Group, also known as sPower, had filed the suit in New York State Supreme Court earlier this month to keep the Town of Riverheads Community Development Agency from selling the land at the Enterprise Park at Calverton to an entity controlled by Luminati Aerospace for $40 million. The Salt Lake City-based solar firm, which wants the Riverhead CDA to entertain the companys higher and better offer for the EPCAL property, claimed the letter of intent signed with Luminati in March 2017 should be voided, since the aerospace firm has taken on a new partner for the land purchase. On Wednesday, the defendants in the suit conceded that the LOI is no longer valid, prompting Sustainable Power to withdraw its lawsuit. We are pleased that Luminati and the defendants conceded that the LOI is no longer valid, said attorney Jason Stern of the Weber Law Group, which represents the solar firm. We believe the CDA is in a position to evaluate a better proposal and make their decision in the best interests of Riverhead. Initially, Luminati planned to buy the EPCAL property on its own, but it has since taken on a Canadian partner, Edmonton, Alberta-based Triple Five Worldwide Group, which would be a majority partner for the acquisition. Luminati, a maker of unmanned aircraft thats already based at EPCAL, originally aimed to expand its own operations and also provide a place for other avionics-related businesses to establish operations at the sprawling Calverton property. The town has scheduled a hearing for Feb. 27 to determine the qualifications and eligibility of Luminati and its partners offer. Its been 19 years since the town took title to the 2,900-acre Calverton property, last used by the U.S. Navy and Northrop Grumman for testing F14s and other military aircraft. Some 1,900 acres of it has been preserved as open space and to protect the regions environmental health. The rest of the property was supposed to be used for economic development, though the town has yet to land a deal for the site, despite fielding several ill-fated proposals over the years.

Copyright © 2018 BridgeTower Media. All Rights Reserved.

COPYRIGHT 2018 BridgeTower Media Holding Company, LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Long Island Business News
Date:Feb 22, 2018
Words:382
Previous Article:Priciest home sales in Patchogue.
Next Article:Priciest home sales in Wantagh.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters