The Riverhead Town IDA says the company behind the proposal to build on the Calverton Enterprise Park site does not have the money to complete the project.

The town had agreed to a $40 million deal to give Calverton Aviation & Technology control of the EPCAL (Enterprise Park at Calverton) property.

The company wants to put warehouses and a rail hub on the land. They also want to use existing runways at the old Grumman site for planes.

The town board will make a decision whether that means the contract with Calverton Aviation & Technology is off.

Outgoing Riverhead Town Supervisor Yvette Aguiar says she is hopeful the land will be given back to the residents. She says she will call for an executive session to discuss the future of the project.

A spokesperson for Calverton Aviation & Technology says, "The team is reviewing the actions of the IDA. Counsel is studying the decision and there will be a determination as to next steps.”