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Gyrodyne owns a 68 acre site, primarily zoned for light industry, and is located approximately 50 miles east of New York City on the north shore of Long Island. Flowerfield’s location also places it in hydrological zone VII, one of the most liberal with respect to effluent discharge rates.
The existing buildings are located in the hamlet of St. James, Township of Smithtown. Environmental studies have been updated and numerous other studies including archeological, ecological, and traffic have been conducted in connection with development plans – all with no significant adverse findings. The Company believes that it does not incur material costs in connection with compliance with environmental laws. During fiscal year 2005, the Company had no material expenses related to environmental issues.
During the past four years, several evaluations of highest and best use for the property have resulted in the adoption of the plan to develop an upscale residential golf course community at Flowerfield.
The condemnation resulted in Flowerfield being reduced to 68 acres, the majority of which is undeveloped. We have been exploring land use scenarios for this property and anticipate filing an application in the near future which we believe will be beneficial to both the Company and the Town of Smithtown where the remaining acreage is located.