(The following was submitted by Jobco Realty & Construction, the company selected by Christ Church to develop a portion of their property.)

"Some residents from the neighborhood bordering Christ Church expressed concerns at a recent town board hearing to consider a rezoning application by Gothic Church Properties, LLC to build a 61-unit, age-restricted luxury condominium within the church property located at 1355 Northern Boulevard. Rising operating costs necessitated Christ Church officials to seek alternative uses for the property. They chose Michael F. Puntillo, a well-established local developer with a proven record of building quality housing, and Martin Soja, chairman of Manhasset-based First Sterling Financial, to analyze the most beneficial use of the property with the least amount of impact. Selling part of the Christ Church property would provide a much needed cash infusion and create an endowment for the 206-year-old institution to continue ministering to Manhasset's faithful.

"One concern that arose was that the project might increase enrollment in the Manhasset Public Schools. Mr. Puntillo assured residents that the development, known as The Heritage, will be age-restricted, and as such, no one under 18 would be permitted to reside there. A second concern that "empty-nesters" would sell their homes to younger families and move to The Heritage thereby creating a burden to the school district is similarly unfounded. Mr. Puntillo stated, "Those older adults who want to downsize would move anyway. Keeping them in Manhasset, a community in which they raised their children would allow them to remain close to their families and friends, enabling them to continue to enjoy the community they helped create."

"Once complete, The Heritage will actually benefit the local school district, providing approximately $450,000 in new property taxes paid," states Mr. Puntillo. "An additional $240,000 in taxes paid to Nassau County, the Town of North Hempstead, the Manhasset-Lakeville Fire District and other local taxing jurisdictions will help ease the tax burden for all Manhasset residents." Mr. Puntillo also noted that presently the church property does not pay taxes due to its exempt status as a religious institution. Furthermore, as a condominium, services from the town such as road maintenance, snow removal and trash pickup would be unnecessary since the condominium's residents would bear those costs.

"A few residents have voiced their concern about the impact of traffic onto nearby streets, particularly Onderdonk Avenue and George Street. To help ease those fears, the developer hired a nationally respected traffic engineering firm which conducted a study. That study concluded that on average there would be six to seven vehicles per hour entering or exiting The Heritage. "Our main concern is the safety and well-being of the residents of The Heritage and the families on neighboring streets," said Mr. Puntillo.

"Local real estate experts agree that surrounding homes will, in fact, benefit positively from a luxury condominium, as was the case with Mill Pond Acres, an upscale, active adult community in the Village of Port Washington North, also built by Mr. Puntillo. Mill Pond Acres has received numerous awards, including recognition by Vision Long Island, an organization that promotes more economically sustainable and environmentally responsible development on Long Island through Smart Growth."