Westchester County’s Local Development Corp. approved a resolution Thursday that grants Pace University access to $98 million in tax-exempt bond financing for the renovation of its Pleasantville campus.
The project, which broke ground in October, aims to consolidate the school’s Briarcliff campus with its Pleasantville location by the end of 2016.
The project calls for constructing two four-story residence halls with 760 beds, building two “living learning” style communities, renovating the student center, expanding the athletic facilities and relocating the environmental center.
“This project will transform the Pace student experience,” said Bill McGrath, senior vice president and chief operating officer for Pace Westchester, in a written statement. “It will enable the University to continue to attract and retain excellent students and prepare them for successful careers in a highly competitive market.”
This is the most extensive project in the school’s 50-year history, creating 600 jobs and increasing business opportunities for local companies that partner in the construction work. Pace is the county’s largest university and 13th largest employer, contributing about $64 million to the local economy through direct and indirect spending.
The board also voted to grant $18 million in tax-exempt bond financing to Kendal on the Hudson, a continuing care retirement community in Sleepy Hollow, for the renovation of its health center.
The LDC has leveraged $429 million in investments to Westchester nonprofits since the LDC was formed in April 2013. The tax-exempt bond financing will reduce their costs, expand their facilities and create more than 1,400 new jobs, the LDC said.
The LDC consists of a board that reviews requests from nonprofits seeking tax-free bonds. The members include four appointed by County Executive Robert P. Astorino, two from the Board of Legislators and one labor representative.
UPDATED Feb. 10, 2014: The original article was worded in such a way that it implied the LDC was going to award $429 million in the future. The article has been updated to clarify that the $429 million in investments is a cumulative figure dating back to the LDC’s formation in April 2013.