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RIVERHEAD, NY-The other shoe has dropped in this Long Island town’s plans to redevelop more than 1,000 acres formerly occupied by Grumman Aerospace manufacturing facilities. Two weeks after Rechler Equity Partners said it would not extend its contract to develop a 300-acre industrial complex inside the Enterprise Park at Calverton, the other EPCAL project, a $2.2-billion resort, has been canceled by the Town Board.

At a special meeting called by Town Supervisor Sean Walter on Friday, the board voted 4-1 to terminate the contract with the development team behind Riverhead Resorts. In a statement, Walter says it’s clear that the Riverhead Resorts group, which was given several extensions on a deadline to make an overdue $3.9-million payment toward acquiring the 755 acres of land, is unable to close the $108-million deal. “Months of excuses, platitudes, apologies, justifications and explanations have only left Riverhead holding the bag at EPCAL and this cannot continue,” Walter says in his statement.

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