The LDC also approved the issuance of a $3-million bond for improvements to the Hendrick Hudson Free Library in Montrose, NY.

“Today's actions by the IDA and LDC boards reaffirm the county's commitment to helping businesses, not-for-profits and educational institutions grow, while creating jobs for our economy,” says Westchester County Executive Robert Astorino.

So far in 2016, the Westchester County IDA and LDC have provided incentives and financing for projects totaling more than $350 million in development, which will create more than 1,200 construction and permanent jobs. The largest project that received incentives so far this year from Westchester was the $230-million Ambulatory Care Pavilion at the Westchester Medical Center campus in Valhalla, NY.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

WHITE PLAINS—The Westchester County Industrial Development Agency has granted incentives for a multifamily development project to be built on Waverly Avenue in Mamaroneck.

The project, to be developed by Sheldrake Station Development LLC, involves the construction of 100 new rental-housing units in four, four-story buildings on 2.7 acres of land at 270 Waverly Ave. The $35-million project, which will earmark 5% of the total units as affordable, is expected to create 113 construction jobs and five permanent jobs upon completion.

Westchester County officials note that green building technologies will be utilized in the project's construction and will include Energy Star appliances and water conserving fixtures. The county in a press announcement did not divulge the value of the sales and mortgage tax exemptions the project received at Thursday's meeting.

The Westchester County Local Development Corp., which provides financial incentives for not-for-profits, also approved last week a refinancing of approximately $42 million of existing bonds for Sarah Lawrence College. As a result of the refinancing, the college will realize approximately $6.8 million of cash flow savings through 2021, which will help offset current operating expenses and continue the college's efforts to minimize annual tuition rate increases.

The LDC also approved the issuance of a $3-million bond for improvements to the Hendrick Hudson Free Library in Montrose, NY.

“Today's actions by the IDA and LDC boards reaffirm the county's commitment to helping businesses, not-for-profits and educational institutions grow, while creating jobs for our economy,” says Westchester County Executive Robert Astorino.

So far in 2016, the Westchester County IDA and LDC have provided incentives and financing for projects totaling more than $350 million in development, which will create more than 1,200 construction and permanent jobs. The largest project that received incentives so far this year from Westchester was the $230-million Ambulatory Care Pavilion at the Westchester Medical Center campus in Valhalla, NY.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.