Westchester County Industrial Development Agency and Local Development Corporation approve $80 million growth package
September 12, 2016 - Front Section
Westchester County Industrial Development Agency (IDA) and Local Development Corporation (LDC) have approved $80 million in financial incentives for a new rental complex in Mamaroneck and a bond refinancing for Sarah Lawrence College in Bronxville and Hendrick Hudson Library in Montrose. The IDA approved sales tax and mortgage tax exemptions for Sheldrake Station Development LLC for construction of 100 new rental units (5% affordable) in four 4-story buildings on 2.7 acres at 270 Waverly Ave. in Mamaroneck. The $35 million project is expected to create 113 construction jobs and five permanent jobs. Green building technologies will be used in the construction including Energy Star appliances and water conserving fixtures. The LDC, which provides financial incentives for not-for-profits, approved a refinancing of approximately $42 million of existing bonds for Sarah Lawrence College. As a result of the refinancing, the College will realize approximately $6.8 million of cash flow savings through 2021, which will help offset current operating expenses and continue the college’s efforts to minimize annual tuition rate increases. Founded in 1926, Sarah Lawrence College, a coeducational liberal arts college, is consistently ranked among the leading liberal arts colleges in the nation. In another transaction involving a not-for-profit, the LDC approved the issuance of a $3 million bond for improvements to the Hendrick Hudson Free Library in Montrose. “Today’s actions by the IDA and LDC boards reaffirm the county’s commitment to helping businesses, not-for-profits and educational institutions grow, while creating jobs for our economy,” said Astorino. So far this year, the IDA and LDC have provided incentives and financing for projects totaling over $350 million in development which will create more than 1,200 construction and permanent jobs. “These numbers show the important role government can play in keeping our local economy strong,” said William M. Mooney III, Director of the County Office of Economic Development.