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2015 Was 'Record Year' For Development In Westchester, Astorino Says

Westchester County Executive Rob Astorino says this year's 14 development projects boosted county's economy.
Westchester County Executive Rob Astorino says this year's 14 development projects boosted county's economy. Photo Credit: Facebook/Westchester County Association

WHITE PLAINS, N.Y. -- From residential buildings in downtown White Plains, to a produce market in Pound Ridge and senior housing project in Mount Vernon, 2015 has been a "record year" for development says Weschester County Executive Rob Astorino.

Astornino was referring to the Westchester County Industrial Development Agency and Local Development Corporation, which supported 14 projects with total private investment of more than $842 million, says a release.

The IDA and LDC projects created or retained approximately 4,800 permanent and construction jobs.

The year-end results were announced Monday at an IDA monthly board meeting, according to the release.

The 14 projects "will provide a significant boost to our county's economy," said Astorino.

The following projects received IDA financing and incentives in 2015:

LCOR's $247 million residential towers in downtown White Plains

Lennar's $275 million mixed-use complex at the site of the Westchester Pavilion in White Plains

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 $10.9 million affordable housing project at Chappaqua Crossing, the press release says.

Among nonprofit projects approved by the LDC in 2015 is $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.

The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs.

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 by phone at (914)-995-2943 or by email at billmooney@westchestergov.com .

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