UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): July 6, 2004
GYRODYNE COMPANY OF AMERICA, INC.
(Exact name of Registrant as Specified in its Charter)
New York 000-01684 11-1688021
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
102 FLOWERFIELD
ST. JAMES, NEW YORK 11780
(Address of principal executive offices) (Zip Code)
(631) 584-5400
Registrant's telephone number, including area code
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ITEM 5. OTHER EVENTS.
On July 6, 2004, Nathaniel Roberts, general manager of the Callery-Judge Grove
(the "Grove") located in Palm Beach County, Florida, sent a letter to Palm Beach
County Commission Chairwoman Karen Marcus proposing that the Grove partner with
the County to locate the planned Scripps Florida facility on the Grove. Gyrodyne
Company of America, Inc. has a limited partnership interest of 10.93 percent in
the Grove, which had been mentioned in the past as a potential alternative to
The Scripps Research Institute on Mecca Farms, located approximately three miles
north of the Grove. In his letter, Roberts claims that putting the planned
bioscience research community on the Grove could save Palm Beach County nearly
$600 million. Roberts also notes that the Grove would take the financial risk
and the County would reap the eventual property tax rewards and maintain control
over the way the land is developed by maintaining regulatory control as the
local planning agency. Pursuant to the proposal, the Grove would donate the 102
acres called for on the Scripps master plan and pay for all of the on-site
infrastructure costs of development and for expanding Seminole Pratt Whitney
Road to handle the increase in traffic. Roberts further notes that the Grove's
3,800 acres already contains utilities, elementary, middle and high schools, an
existing retail center and an approved zoned county library and a police/fire
station facility, and that there are no environmental constraints on the
property.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GYRODYNE COMPANY OF AMERICA, INC.
By: /s/ Stephen V. Maroney
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Stephen V. Maroney
President, Chief Executive Officer and Treasurer
Date: July 8, 2004