Town says Petraelli closing is imminent; parking‑garage planning continues with federal grants

Members of the public asked when the town would close on the sale of town property to the Petraelli master developer and whether a site plan had been approved. The supervisor said legal staff are finalizing details and that a closing is imminent, with a tentative August 5 target; board members indicated site‑plan approvals and related resolutions would likely be considered at the August 4 meeting.

Separately, planning staff provided an update on a long‑planned downtown parking garage: the town previously received a $24 million DRRI grant (2024) and approximately $16 million of that award is intended for a parking garage; Suffolk County provided about $2 million. Staff said the garage is not yet designed, no final cost is available, and the intent is to fund the balance of construction from anticipated paid‑parking revenue so the project is not billed directly to taxpayers. Officials said details about sizing, design and any private‑developer commitments on parking will be decided after the design and bidding phases.

Why it matters: The hotel closing and the parking‑garage plan have implications for downtown parking, traffic, and tax‑and‑grant funding. Residents asked whether taxpayer money will pay for a garage and whether the developer will contract to pay for parking spaces; town officials said those specifics will be addressed as designs and contracts are finalized.