Westchester County development agencies review 2016 scorecard

Westchester County development agencies supported $604 million in private investment and helped create or retain about 2,179 jobs last year.
Those numbers were highlighted in a year-end report presented on Dec. 8 to the Westchester County Industrial Development Agency, and they include projects by the county Local Development Corp.
The IDA uses tax incentives, property leases and financing to create jobs and promote economic development.
Examples of 2016 IDA projects include:

  • Tax-exempt bonds for Million Air Two for $80 million in renovations and upgrades to its corporate aviation facility at the county airport, creating 52 jobs.
  • Tax relief of $1.1 million for Sheldrake Station Development LLC for a $35 million, 100-unit apartment project on distressed property in Mamaroneck.
  • Tax relief worth $2.8 million for Saber Dobbs Ferry LLC, the developer of Rivertowns Square in Dobbs Ferry. The tax exemptions will support construction of a $l0.7 million movie theater, restaurant and bar that will create 80 construction jobs and about 200 full-time and part-time theater jobs.

The LDC enables nonprofit organizations to save money by financing projects with tax-exempt bonds.
Examples of 2016 LDC projects include:

  • A $284 million tax-exempt bond to finance Westchester Medical Center”™s ambulatory care pavilion in Valhalla, creating 225 construction jobs and 180 hospital jobs.
  • Refinancing a $40 million tax-exempt bond and issuing a new $4 million taxable bond for Sarah Lawrence College. The original bond financed construction of Campbell Athletic Center. The new financing is expected to save the college $7 million over the next five to six years and minimize annual tuition increases.
  • Taxable and tax-exempt bonds worth an estimated $30 million but not to exceed $48 million, and $208,000 in tax relief, to help Bethel Methodist Housing Inc. take over the bankrupt Westchester Meadows retirement community in Valhalla. Bethel says it will retain 50 jobs and add 10.

The IDA board also renewed a marketing services contract with Thompson & Bender for $102,000 for one year.
The public relations firm promotes the development agencies at various real estate events. Next year, Liz Bracken-Thompson said, the firm will focus on explaining the advantages of relocating in Westchester to Manhattan companies in the fast-growing TAMI sectors, referring to technology, advertising, media and information.