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White Plains Organizations Receive Support By LDC

Kevin J. Plunkett, deputy county executive and LDC vice chair; Tom Brady, Pace treasurer; County Executive Rob Astorino; Bill McGrath, Pace senior VP and COO, Westchester, Stephen J. Hunt, LDC chairman and Jim Coleman, LDC executive director.
Kevin J. Plunkett, deputy county executive and LDC vice chair; Tom Brady, Pace treasurer; County Executive Rob Astorino; Bill McGrath, Pace senior VP and COO, Westchester, Stephen J. Hunt, LDC chairman and Jim Coleman, LDC executive director. Photo Credit: Contributed

WESTCHESTER COUNTY, N.Y. -- County Executive Rob Astorino announced Thursday that 2014 was a banner year for the Westchester County Industrial Development Agency (IDA) and Local Development Corporation (LDC) with financing and incentives for 20 projects whose private investment totaled more than $560 million and created or retained more than 4,600 permanent and construction jobs.

The 16 IDA projects, which included residential, retail and commercial developments, are projected to create or retain 3,826 permanent and construction jobs. Financing and incentives totaled $98.1 million and transaction fees paid to the IDA will generate an estimated $1.3 million, which will be used to support small businesses and stimulate job creation.

“This year’s record level of IDA activity for private development projects is unprecedented,” Astorino said. “The message is Westchester is open for business and the product of that message is thousands of construction and permanent jobs and a more vibrant economy.”

Among the major projects helped by the IDA in 2014 were headquarters expansion of Acorda Therapeutics in Ardsley, Harbor Square luxury rentals in Ossining, Saw Mill Lofts rental apartments in Hastings-on-Hudson, Rivertowns Square mixed-use retail center in Dobbs Ferry, Hilton Garden Inn in Dobbs Ferry, a new condominium building on Kensington Road in Bronxville and an affordable senior housing complex in Mamaroneck.

The four Local Development Corporation (LDC) projects are projected to create and retain 800 permanent and construction jobs.

Since the LDC was established in April 2013, it has approved $430 million in tax-exempt bond financing for nine nonprofit projects in Westchester, generating an estimated $840,625 in transaction fees. The projects are projected to create and retain 1,864 permanent and construction jobs.

Nonprofits that were approved to receive LDC support in 2013 and 2014 included Kendal on Hudson, Phelps Memorial Hospital, Northern Westchester Hospital, Purchase College, White Plains Hospital, Pace University, White Plains Housing Company and YWCA of White Plains and Northern Westchester.

Pace University’s expansion project was the largest project to be approved by either the LDC or IDA in 2014.

“By providing highly responsive and friendly customer service, the IDA and LDC have gained the confidence of the business and nonprofit communities as a valuable resource for financing and incentives,” said Jim Coleman, executive director of the Westchester IDA/LDC. “In the case of Pace, the LDC was able to issue $101 million in tax-exempt bond financing for its Pleasantville campus modernization project in just 28 days.”

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