Westchester Will Now Look to Help Non-Profits

WHITE PLAINS, NY-The Westchester County Board of Legislators on Monday evening ratified the incorporation of the Westchester County Local Development Corp., setting the stage for the entity to issue bonding for non-profits in Westchester County.

The LDC was created more than a year ago by Westchester County Executive Robert Astorino and has approved funding for some projects as some county lawmakers questioned the legality of the LDC. The vote approving the incorporation of the LDC is one of the rare instances where the County Executive and County Board of Legislators have come to an agreement on policy. The two branches of government have warred on fair housing, contractual policy and other issues of late.

“In this case, both the Board of Legislators and the Administration shared a common goal to create a solid law that will promote smart growth around the county and provide short- and long-term jobs for residents,” said BOL Chairman Ken Jenkins. “To finalize this bill, a good deal of dialogue and deliberation took place, which proves again that we can effectively work together in the best interests of our residents and business owners.”

Board of Legislators Majority Leader Pete Harckham says the new LDC legislation included significant transparency and protections for county taxpayers, such as having seven board seats instead of the three that were first suggested by the County Executive, including a seat each appointed by the BOL Majority and Minority Leaders, plus a seat for a labor representative. “While the Board of Legislators stood firm when it came to ensuring that the LDC operated with an appropriate level of governability, it was a model process in collaboration and compromise,” he adds.

Westchester County Executive Astorino released a statement saying, “The LDC is a financial tool that was created to help our local non-profits gain access to critical tax-free financing for capital improvements. It can save non-profits a great deal of money in financing costs, and it can do so at no risk, and at no cost, to taxpayers. By any measure, this is a win-win for Westchester. We're excited to help and there are numerous hospitals, colleges and other non-profits lining up to take advantage of this tremendous resource, and in the process, help create more jobs.”

Late Tuesday afternoon, Astorino reported that the LDC had already approved more than $128 million in financing or refinancing deals for non-profits Kendal on Hudson, a continuing care community in Sleepy Hollow; Northern Westchester Hospital in Mount Kisco; Phelps Memorial Hospital in Sleepy Hollow; and Iona College in New Rochelle.