Westchester’s IDA, LDC Assistance Fueled $842M In Multifamily, Bioscience Projects
Real Estate In-Depth | April 2016
WHITE PLAINS—2015 was a record year for the county’s Industrial Development Agency (IDA) and Local Development Corporation, which supported 14 projects that will produce a combined total private investment of more than $842 million.
While ranging from small to large, a lion’s share of the projects that received financial incentives from Westchester County involved mixed-use development projects and significant multifamily developments. The marked increase in multifamily development, particularly within the county’s urban centers in White Plains, Yonkers, New Rochelle and Mount Vernon, are helping transform downtowns in the county’s major cities and are helping to attract Millennials that are sought after by county-based businesses.
The IDA and LDC projects created or retained approximately 4,800 permanent and construction jobs in 2015.
“The 14 job-creating projects supported by the Westchester IDA and LDC this year will provide a significant boost to our county’s economy,” said Westchester County Executive Robert Astorino. “We are also pleased with the diversity of projects supported, both large and small, from a wide range of business and non-profit sectors.”
Among the major projects receiving IDA financing and incentives in 2015 were LCOR’s $247-million residential towers in downtown White Plains; Lennar’s $275-million mixed-use complex that will be built at the site of the Westchester Pavilion in White Plains; and Regeneron’s $196-million expansion of its Tarrytown headquarters. Other projects approved for IDA incentives included a $2.5-million renovation of Scott’s Corner Market in Pound Ridge, Flexjet’s $5.1-million renovation and relocation at the Westchester County Airport and a $10.9-million affordable housing project at Chappaqua Crossing.
Nonprofit projects approved by the LDC in 2015 included $11.1 million in tax-exempt bond financing for the Wartburg senior care complex in Mount Vernon and refinancing of a $3.6 million bond for Guiding Eyes for the Blind in Yorktown Heights.
Over the past five years, the Westchester IDA has provided $284 million in financing and incentives for commercial, residential and retail projects with a combined total private investment of $1.74 billion. These projects created or retained 18,838 permanent and construction jobs in Westchester County. Since it was established in 2013, the Westchester LDC has approved $444 million in tax-exempt bond financing for 11 non-profit projects that created or retained 2,446 permanent and construction jobs.
The IDA is empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county or to county taxpayers. The obligation for repaying the debt rests solely with the organizations. Created in 2013 under the state’s Not-For-Profit Corporation Law, the LDC provides non-profits access to millions of dollars in low-cost, tax-exempt bonds for the financing of job-creating construction projects.
Any corporation, small company or non-profit organization looking to access the low-cost and tax-exempt project financing made available through the IDA or LDC should contact Bill Mooney, director of the Office of Economic Development, at (914) 995-2943 or by e-mail firstname.lastname@example.org.
Photo Caption: Westchester Pavillion rendering