The Westchester County Board of Legislators has approved legislation to issue not more than $5,080,000 in bonds to provide funding for infrastructure improvements needed for the $89 million project to redevelop the Franklin Courts Public Housing apartments in Tarrytown. At the same time, the Legislature approved an intermunicipal agreement with Tarrytown and developer WBP Development LLC related to the funding. The vote on both pieces of legislation was 16-0.
The Tarrytown Municipal Housing Authority and the Village of Tarrytown own the 7 .4-acres site at 50 White St. where the Franklin Courts Public Housing apartments were built in the 1950s. There are fourteen one- and two-story buildings that contain a total of 70 apartments. The redevelopment project involves constructing 90 rental units in four buildings; two two-story and two four-story buildings. All 90 rental units will be available to households that earn at or below 50% and up to 60% of the Westchester County area median income and will all remain affordable for a period of not less than 50 years.
A separate community building is planned that will include a lounge, fitness center and a game room. There will be on-site laundry services in each building. The grounds will also include seating areas, walking trails, a playground and a multipurpose paved area for sports. Also included will be the construction of 160 parking spaces with 108 spaces on-grade and 52 covered spaces.
The vast majority of the money to be raised through the bonding is to be used for infrastructure improvements such as paving, grading, curbing, sidewalks, retaining walls, drainage systems, sanitary sewer system, water lines, lighting, signage, landscaping and construction management. The county will receive an administrative fee of $80,000 to cover its costs.
Westchester County will have an ownership interest in the infrastructure improvements through an easement until the expiration of the term of the bonds. The county will not be responsible for any costs related to the operation and maintenance of the infrastructure improvements.
Among the other funding sources for the project are: the New York State Housing Finance Agency that will hold a first mortgage; a New York State Homes and Community Renewal subsidy; Federal Low Income Housing tax credits; State Low Income Housing tax credits; and New York State Brownfield tax credits.
