Westchester LDC votes preliminary approval of
$20.6m financing of Kendal on Hudson renovations

Sleepy Hollow, NY The Westchester County’s Local Development Corp. (LDC) voted preliminary approval of $20.6 million tax-exempt bond financing for renovations of Kendal on Hudson, a life plan community located at 1010 Kendall Way.

The $32 million project consists of renovating, improving and maintaining the life plan community, consisting of 222 residential rental units, administrative spaces and the common amenities with central dining facilities, a library, fitness center/pool, auditorium, and other shared spaces, across four buildings, which are connected by a 50,000 s/f “spine” and an 8,000 s/f terrace.

The project is designed to improve accessibility and functionality in both interior and exterior common spaces consisting of the renovation of 48,000 s/f interior areas and 6,500 s/f exterior terrace renovation as well as the addition of an approximately 1,600 s/f of common space.

The project will create 52 construction jobs, including 36 direct jobs for Westchester County residents during the construction period representing $5.5 million in employee earnings and more than $9.3 million of economic activity within Westchester County.

Westchester County executive George Latimer said, “Kendal on Hudson has long been an integral part of Westchester County and the lower Hudson Valley, providing the highest quality of care for its residents and contributing to the local community. The 30-year tax-exempt bond financing from the Local Development Corp. helps ensure Kendal on Hudson’s long-term viability.”

Westchester LDC chair Joan McDonald said, “In addition to creating over 50 construction jobs, this project will also provide a total economic benefit to the county of more than $2.2 million at no cost to Westchester County.”

According to a cost benefit analysis prepared for the LDC, the project will result in a total benefit to the county of $2,160,840 at no cost to the county. Kendal on Hudson is not requesting a mortgage recording tax exemption. The annual economic activity resulting from the project is expected to retain 248 jobs, $19 million in earnings, and $40 million in economic output for Westchester County. Project renovations are expected to begin in 2025 and will take approximately 24 months to complete.

Situated on a site overlooking the Hudson River, Kendal at Hudson offers 222 apartment residences across four connected buildings. The campus also features a community center, dining rooms, suites for residents needing supportive services, and a health center providing short- and long-term nursing care. Kendal on Hudson is an affiliate of the Kendal system.

The LDC assists Westchester not-for-profit organizations in securing tax-exempt bond financing benefits. These benefits are provided at no cost or risk to the taxpayers of Westchester County. Since its inception in 2012, LDC has assisted not-for-profit organizations in securing tax-exempt bond financing totaling over $1.9 billion.