Westchester LDC Provides $26M in Financing For Rippowam School Construction Project
Real Estate In-Depth | June 2016
WHITE PLAINS—The Westchester County Local Development Corporation approved on May 26th a total of $26 million in incentive financing for the construction and renovation of facilities at the upper campus of the Rippowam Cisqua School in Bedford.
The $19-million project will create approximately 150 to 200 construction jobs and retain approximately 195 full-time and part-time jobs. The LDC approved providing low-cost bond financing of $26.5 million, which includes the project cost and $6 million in mortgage refinancing, county officials stated. Construction of the 22,000-square-foot project is expected to begin in June and take approximately 15 months to complete.
“The incentives provided through the LDC will help Rippowam Cisqua School continue its nearly century-old tradition of providing an outstanding education for children from pre-K to ninth grade,” said Westchester County Executive Robert Astorino. “This project will also create hundreds of construction and permanent jobs, which are important for the continued vitality of our county’s economy.”
The plan for the Upper Campus in Bedford includes a new library and media center; a new innovation center; new arts classrooms and science labs; a new dining hall and an outdoor amphitheater.
“Rippowam Cisqua School has a long history of excellence and innovation,” said Head of School Colm MacMahon. “The new upper campus will bring tremendous teaching and learning spaces to the community. We are excited about this project because we know how important middle school is to education, and having an environment that is specifically designed and sized for middle school aged students.”
According to the school’s website, Kirchoff-Consigli Construction Management Co. of Pleasant Valley, NY has been selected to undertake the project and KG&D Architects of Mount Kisco designed the plans for the upper campus plan. Andy Fox of Stone Harbor Project Advisors was selected as the owner’s representative.
The school had scheduled a June 13th groundbreaking ceremony.
From left, Rippowam Cisqua attorney John Marwell of Shamberg Marwell Hollis Andreycak & Laidlaw; LDC Chairman Stephen Hunt; Deborah A. Hurrell, assistant head of school for finance and operations; Colm MacMahon, head of school; Westchester County Executive Robert P. Astorino; LDC Board Member Mark Stanton; LDC Board Member Nicholas Long; LDC Board Member Ilyse Spertus; LDC Board Member Jerry McGrath; Deputy County Executive Kevin Plunkett, and William M. Mooney III, Esq., director of the County Office of Economic Development.