Home Tags Westchester Industrial Development Agency
Tag: Westchester Industrial Development Agency
The Westchester Industrial Development Agency approved up to $13 million in sales tax exemptions Nov. 23.
The projects are to be financed with $82.6 million in tax-exempt bonds, and would receive $1,725,101 in tax breaks, not counting locally approved property tax abatement plans.
Southern would receive nearly $2.5 million in sales tax relief during construction and $644,071 in mortgage tax relief.
The project would be another element in the transformation of the so-called teardrop area – between Hutchinson River Parkway and Interstates 287 and 684 – from obsolete office parks to residential, recreational, retail and medical facilities.
The changes are minor, Citi’s attorney stated, but will enable the bank to cash out of the funds by selling them on the secondary market.
Three projects are primarily residential developments that will create 1,806 rental apartments and 2,203 parking spaces.
Simone Development Companies plans to spend $61 million on renovating and expanding 104 Corporate Park Drive, for a pediatric medical center and cancer treatment center for adults and children.
The county subsidy would be supplemented by a mortgage recording tax exemption when the site is sold for a budgeted $14 million, and proposed property tax abatement from the City of White Plains totaling nearly $10.5 million over 15 years.
The IDA board added a caveat to both project resolutions: The developers must meet with representatives of the building trades unions to discuss their possible involvement in the work.
The board unanimously approved lease-sublease deals with Westmoreland Lofts LLC and Saber Chauncey WP LLC.
Unbeknownst to Morris Builders, the site included a public park that had been improperly conveyed to Westchester County.
The city council has passed similar legislation, called a home rule request, to start up a White Plains Industrial Development Agency in 2014, 2015 and 2016.