Westchester IDA, LDC Generated $604M in Private Investment in 2016

Real Estate In-Depth | December 2016

Robert Astorino Westchester County Executive

WHITE PLAINS—Westchester County Executive Robert P. Astorino announced earlier this moth that projects supported by the Westchester County Industrial Development Agency and Local Development Corporation in 2016 totaled $604 million in private investment.

The 13 IDA and LDC projects created or retained approximately 2,179 permanent and construction jobs. The year-end results were announced at the monthly board meeting of the IDA and LDC on Dec. 8.

“Westchester County is committed to working with businesses and not-for-profit institutions to help them succeed and prosper,” said Astorino. “Thanks to the work of the IDA and LCD, we are creating and retaining thousands of jobs every year while attracting major private investments in our economy.”

Over the past six years, the Westchester IDA has provided financing and support for 60 commercial and residential projects with a combined total private investment of approximately $1.9 billion. These projects created or retained 19,852 permanent and construction jobs in Westchester County. Since it was established in 2013, the Westchester LDC has approved $834.3 million in tax-exempt bond financing for 18 non-profit projects, which created or retained 1,320 permanent and construction jobs.

Among the major projects receiving IDA financing and support in 2016 were:

  • Million Air’s $80-million renovation and upgrade of its corporate aviation facility at the County Airport;
  • Dannon’s $30-million renovation of the former Fortunoff building at the Source at White Plains in Downtown White Plains for its U.S. headquarters, a project that will help retain and create nearly 600 jobs;
  • Sheldrake Station Development’s $35-million construction of 100 new rental units in Mamaroneck.

Among the nonprofit projects supported by the LDC in 2016 were a $284-million tax-exempt bond financing for the Westchester Medical Center’s new ambulatory care pavilion in Valhalla. The LDC also provided tax-exempt bond financing for Sarah Lawrence College, Rippowam Cisqua School, Hendrick Hudson Library, Cardinal McCloskey Community Services and Bethel Methodist Housing.

“This year’s impressive results clearly demonstrate the importance of the IDA and LDC in maintaining a strong and vibrant economy in Westchester, with nearly 2,200 jobs created and retained in the past year,” said William M. Mooney III, the director of the Westchester County Office of Economic Development. “By partnering with the county, businesses and not-for-profits are investing in the future of Westchester.”