Glen Cove Mayor Mary Ann Holzkamp announced Wednesday that the Glen Cove Industrial Development Agency (IDA) and the Community Development Agency (CDA) have completed negotiations and executed a land development agreement (LDA) with Glen Isle Development Company, LLC. The LDA is for the redevelopment of a 46-acre parcel owned by the two agencies on Glen Cove's waterfront.

Mayor Holzkamp said, "I am delighted to report the successful conclusion of our negotiations with Glen Isle and its principals, Donald Monti and Michael Posillico. When we entered our exclusive negotiating agreement with Glen Isle in February, we projected a 90-day process for negotiations and signing of a formal agreement. We completed it on time. Working in partnership with Glen Isle, I am confident our dream of a revitalized Glen Cove waterfront will be realized."

On behalf of Glen Isle, Donald Monti said, "Our partnership with the IDA/CDA to redevelop the waterfront begins with a collaborative consulting process. Glen Isle Development, the city and the agencies will be selecting planning, economic and environmental consultants to study and make recommendations regarding the optimum form of development that will fulfill the city's goals in a sustainable and viable redevelopment of the waterfront. Later this month, we will meet with the lead environmental agencies that have been overseeing and working on the ongoing environmental remediation of the waterfront."

Michael Posillico, a principal of Glen Isle development who has extensive experience in environmental remediation, added "We will need to familiarize the EPA, DEC and Health Department officials with the details of our consulting and planning process. We are looking forward to securing their commitment to work with the agencies and us to complete the remediation of the property as soon as possible." Cooperation between Glen Isle, the City of Glen Cove, the EPA, the DEC and the Health Department is essential regarding the environmental implications of our projected development. "We have worked with these agencies in the past and understand their needs and how they can work with us to complete their remediation obligations as we plan the development," said Mr. Posillico.

According to Mayor Holzkamp, when the consulting process is complete (in approximately six months) Glen Isle Development and the agencies will agree upon the precise details of the redevelopment plan. The plan presently contemplates a hotel and marina, commercial and/or retail space, a cultural/entertainment component and residential development in an integrated mixed-use project.

The LDA also considers a process by which the purchase price for the property will be determined by an appraisal procedure that will be concluded once the appraisers know the final details of the planned project.

"We are off to a fantastic start," Mayor Holzkamp said. "The ongoing remediation and planning processes must be completed before we can expect to see construction begin. Some of this is in the city's and Glen Isle's control; some of it depends on the cooperation of others. But, working together with Mr. Monte and Mr. Posillico, I am confident that realization of our plan for the waterfront is at hand."