WCA calls for county to approve Local Development Corporation

The Westchester County Association (WCA) is joining with other business, labor and nonprofit organizations calling for the Board of Legislators to formally approve a Local Development Corporation (LDC).

An LDC issues tax-free, low-interest bonds to nonprofit organizations. County Executive Robert P. Astorino created an LDC in January 2012, after the Westchester County Industrial Development Agency lost bonding power in 2008. The LDC has held meetings and approved several projects, despite county legislators voting against the LDC, claiming it gave Astorino too much power.

Astorino fought back, claiming in a legal opinion by his bond counsel that he did not need the Board of Legislators’ approval.

Astorino and the board have begun working together to have legislators more involved in the LDC. The LDC will have three members – Astorino, and the majority and minority leader of the Board of Legislators. Legislators are expected to vote on the LDC in April, giving it their approval.

The WCA, along with the Construction Industry Council Building Contractors Association and Nonprofit Westchester, expressed support saying an LDC would open doors for the nonprofit community.

“The LDC will help advance economic development in the county and create jobs in a difficult economic climate,” Marissa Brett, executive director of the Blueprint for Westchester the WCA”™s economic development initiative, said in a statement. “We urge the (Board of Legislators) to vote for progress. This is the tool that Westchester needs. It will be a win-win for Westchester.”

Ross Pepe, president of the Construction Industry Council Building Contractors Association, said that the LDC will create hundreds of millions of dollars in construction activity throughout Westchester.