County backed $842M in private investment in 2015

By John Golden

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The Westchester County Industrial Development Agency and the county’s Local Development Corporation provided financing and financial incentives in 2015 to private companies and nonprofits that invested a total of approximately $842 million in 14 projects in the county, County Executive Robert P. Astorino recently announced.

The county-supported projects together are expected to create or retain approximately 4,800 permanent and construction jobs. They include major residential and mixed-use developments in downtown White Plains, renovations to a Pound Ridge produce market, and a senior housing project in Mount Vernon.

Among major projects receiving IDA financing and incentives this year were LCOR’s $247 million construction of an apartment tower at 55 Bank St. in downtown White Plains; a $275 million mixed-use redevelopment proposed by Lennar Multifamily Communities at the site of the Westchester Pavilion on South Broadway in downtown White Plains; and Regeneron’s $196 million expansion of its headquarters on the Landmark at Eastview campus.

Other projects approved for tax breaks by the IDA board included a $2.5-million renovation of Scott’s Corner Market in Pound Ridge; Flexjet’s $5.1 million renovation and relocation project at the Westchester County Airport, and a $10.9 million affordable housing project in Chappaqua.

The county’s Local Development Corp., established in 2013 to fill a gap in tax-exempt bond financing for construction projects by nonprofits in New York, in 2015 approved $11.1 million in bond financing for the Wartburg senior care complex in Mount Vernon. The LDC board, whose members also serve as IDA directors, also approved refinancing of a $3.6 million bond for Guiding Eyes for the Blind in Yorktown Heights.

The Westchester LDC since its creation has approved $444 million in tax-exempt bond financing for 11 nonprofit projects that created or retained 2,446 permanent and construction jobs.

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About the author

John Golden
The Business Journal’s senior writer, John Golden directs news coverage of the county and Hudson Valley region as Westchester bureau chief. He was an award-winning upstate columnist and feature writer before joining the Business Journal in 2007. He is the author of “Northern Drift: Sketches on the New York Frontier,” a collection of his regional journalism.

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