The Westchester County Industrial Development Agency (IDA) is launching a program that offers grants and loans to help small businesses and not-for-profit corporations that have been hurt by COVID-19, while at the same time giving nods to incentives for major developers.
The IDA will provide grants to small businesses and small not-for-profit corporations in amounts not to exceed $10,000 so they can acquire personal protective equipment or install equipment necessary to prevent the spread of COVID-19.
The IDA will also make loans of up to $25,000 through the State Disaster Emergency Loan Program to small businesses and small not-for-profit corporations. Interest that is deferred or not charged at all will be exempt from New York state tax, but may be subject to federal taxation.
The small businesses or nonprofits must conduct business in the area served by the IDA, have been negatively impacted by COVID-19 and have fewer than 51 employees.
“This new program is another example of the IDA”™s important role in fostering economic development in Westchester County. It is crucial that our small business and not-for-profit sectors receive help during this unprecedented economic downturn,” said Bridget Gibbons, director of the Westchester County Office of Economic Development.
The IDA is administering the program with assistance from Community Capital New York, a certified Community Development Financial Institution.
As of July 15, a link to apply for the new loans and grants had not been posted on the IDA’s website westchestercatalyst.com.
The IDA has given final approval of financial incentives for the $100 million residential development by the Southern Land Co. based in Nashville to replace the YMCA building at 250 Mamaroneck Ave. in White Plains. There will be approximately $2.5 million in sales tax exemptions and approximately $644,100 in mortgage recording tax exemption. The project is expected to create 128 construction jobs and 66 full-time jobs.
In addition to 177 market-rate rental units there will be 1,876 square feet of ground-floor retail space. The building will include a mix of 1-bedroom, 2-bedroom and 3-bedroom units ranging in size from 600 to 1,850 square feet. Instead of including apartments classified as affordable in the project, the developer is paying $3.2 million to the White Plains Affordable Housing Fund.
The IDA also approved increasing the sales tax exemption for Lennar’s 434-unit, 15-story apartment project The Mitchell being built on a site that runs between East Post Road and Mitchell Place and partially fronts on Mamaroneck Avenue in White Plains.
The IDA originally approved $3.25 million in sales tax exemptions and now has voted to increase it by $1.25 million to $4.5 million. Lennar requested the additional relief, citing increases in the cost of construction and quantity of materials needed from the contractor”™s initial estimate when the IDA considered the application in 2018.
Why is Westchester giving away money? Why does George Latimer approve of tax breaks for wealthy developers while he pushes to install Red Light Cameras to offset the loss in revenue?
Citizens get screwed again and Red Light Cameras are only about collecting money and have nothing to do with safety. And Latimer said Trump was the problem to get elected but he’s pushing policies that are very detrimental to all us.