LDC approves $98M for Pace University

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.