The Westchester Industrial Development Agency on Nov. 12 approved two projects, and reviewed a proposal for a third, for renovations of 385 affordable housing apartments.
The projects are to be financed with $82.6 million in tax-exempt bonds, and would receive $1,725,101 in tax breaks, not counting locally approved property tax abatement plans.
The approved projects include Asbury Terrace in Tarrytown and Ebony Gardens in Mount Vernon. The proposed project is Marble Hall in Tuckahoe.
Asbury Terrace is a 9-story structure with 107 apartments at One River Road, Tarrytown. It is owned by Asbury Terrace Housing Development Fund Corp., a nonprofit organization, according to county property records. It is expected to be sold, according to IDA minutes, to a new limited liability corporation.
The IDA application was submitted by Asbury Apartments LLC, an affiliate of Mountco Construction & Development Corp., Eastchester.
Mountco plans to modernize the apartments and common areas. The IDA approved $19.1 million in tax-exempt bonds, $418,750 sales tax exemption and $191,000 mortgage recording tax exemption. The developer is not seeking a property tax abatement.
Ebony Gardens comprises seven buildings and 144 apartments on five acres at 138 S. 6th Ave., Mount Vernon.
The Related Companies, New York City, plans to spend about $52,000 per apartment, including new kitchens, windows and bathroom upgrades. A resident services building will be built and staffed with a coordinator who will oversee job training, after-school and money management programs.
The IDA approved $27.5 million in tax-exempt bonds, $278,441 sales tax exemption, and $275,000 mortgage recording tax exemption. The developer has negotiated a 10-year property tax abatement deal with the City of Mount Vernon.
Marble Hall is a 10-story, 134-apartment tower at 100 Columbus Ave., Tuckahoe.
Gendron Family Investments II, controlled by Charles Gendron, and Silver Street Development Corp., headed by Roger Gendron, all of Portland, Maine, want to buy and renovate the building. They have proposed spending $40,000 per apartment, including new kitchens, bathroom finishes, lighting, and heating and hot water systems.
The developers are asking for $36 million in short-term tax-exempt bonds, $81,910 sales tax exemption, $480,000 mortgage recording tax exemption and, from the Village of Tuckahoe, a 40-year property tax abatement deal.
Without government financial assistance, according to an analysis presented to the IDA board, the building could deteriorate and become vacant.
A formal project proposal is expected to be considered later this year.
