Sept. 12, 2013 -- County Executive Robert P. Astorino today announced that the county's Industrial Development Agency (IDA) approved two resolutions that will provide $24 in tax-exempt bond financing to renovate an affordable housing complex for families in White Plains and to rehabilitate a senior housing facility in the City of Rye. Both projects will create construction jobs and utilize "Green Building" technologies to improve energy efficiency.
"These plans will provide healthier and safer homes for Westchester families, preserve affordable housing for those who need it most, while at the same time do our part to help the environment," said Astorino.
The White Plains project, proposed by Marathon Development Group, will cost $17.3 million, $12 million of which will be financed through the IDA. The plan calls for the renovation of the Madison House, a 99-unit affordable housing complex located at 70 Ferris Avenue in White Plains. The project will refurbish the eight-story building including the heat and hot water system, select interior walls, ceiling and floors, bathrooms, kitchens, landscaping, parking garage, elevators and the fire alarm, carbon monoxide and security systems.
There is no financial risk to county taxpayers. Construction will begin in November and the project is expected to take no more than 18 months.
"The efficiency and professionalism of the Astorino team allowed us to move quickly on this project," said Mark Soja, Marathon's chairman and chief executive officer. "Thanks to their diligence, we have been able to reduce our operating costs, and move forward sooner than we thought possible."
Marathon is committed to working in conjunction with the New York State Energy Research and Development Authority and the New York State Weatherization program to execute a full energy audit and maximize energy efficiency.
Some of the "Green building" measures outlined in Marathon's plan include:
• All interior lighting will be replaced with Energy Star or equivalent fluorescent lights.
• Occupancy sensors will be installed in basements, common areas and laundry rooms for lighting control. Various "smart" individual motion-sensor-controlled fixtures will also be included.
• Original inefficient refrigerators will be replaced with Energy Star models in every apartment.
• Energy efficient windows will be installed with Low-E, glass and thermal broken frames.
• Low flow shower heads will be installed in all bathrooms (1.75 GPM max).
• High performance, 1.28 max gallons-per-flush (GPF) toilets will be installed in all bathrooms.
The City of Rye project, proposed by Rye Manor LLC, will cost $23 million, $12 million of which will be financed through the IDA to renovate Rye Manor, a 100-unit senior housing complex located at 300 Theall Avenue in the City of Rye. The plan will create 75 construction jobs and utilize "Green Building" technologies to improve energy efficiency. The renovation work is designed to address the long-term durability of the major building systems such as the boiler, windows, and façade. It will also include substantial electric work and upgrades. The rehabilitation will help maintain the four-story building as a quality affordable housing resource for years to come.
Construction will begin in November and the project is expected to take no more than one year. The modernization will be made with residents in place, so that no one will be forced to relocate or pay higher rent as a result of it.
"We simply would not have been able to get this project moving without the IDA financing. Thanks to the Astorino team guiding us through this process, we will now be able to help a lot of seniors live in healthy, safe and energy efficient homes," said John Madeo, Rye Manor's executive vice president.
Some of the "Green Building" measures outlined in Rye Manor's plan include:
• Replacement of light fixtures throughout the building, including all apartments, with Energy Star rated fixtures
• Replacement of all existing sliding windows with new low-E, argon gas-filled, dual glazed, double-hung units
• Replacement of the building's main boilers with the efficiency, Energy Star rated equipment
• Installation of a new Energy Star rated trash compactor
• Replacement of refrigerators and stoves in all apartments with new Energy Star rated appliances
• Replacement of all roof-top kitchen and bathroom exhaust fans with Energy Star rated fans.
Earlier this week, Astorino announced that the county's Local Development Corporation (LDC), an organization similar to the IDA, approved a resolution that will give White Plains Hospital access to $108 million in tax-exempt bond financing to construct a six-story patient care building, five new operating rooms and an expanded outpatient radiology center. The project will create about 75 full-time, high-wage construction jobs and save the hospital nearly $3 million over the next 30 years. With the White Plains Hospital project, the LDC will have issued $246,425,000 in tax-exempt bonds to Westchester non-profits this year and created 774 jobs.
The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs.
The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county. The obligation for repaying the debt rests solely with the organizations.
Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA should contact Jim Coleman, executive director of the IDA, at (914) 995-2963 or .