Home Construction County backed $842M in private investment in 2015

County backed $842M in private investment in 2015


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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