County Executive Robert P. Astorino announced recently that the county's Industrial Development Agency (IDA) approved a resolution that will provide $30 million in tax-exempt bond financing to renovate an affordable housing complex in Tuckahoe.
"With the help of the IDA, this project will ensure that these housing units remain affordable, safe, modern and energy-efficient for Westchester families for years to come," said Astorino. "What's more is that this project will bring good-paying construction jobs to hard working Westchester families. All this is at no cost to the taxpayer."
The plan, proposed by Rector Street Development, LLC, will cost nearly $46 million, $30 million of which will be financed through the IDA, to acquire and renovate Marble Hall, a 133-unit affordable housing complex located at 100 Columbus Avenue in Tuckahoe. The plan will retain three jobs and create approximately 75 new construction jobs during the year-long project. There is no financial risk to county taxpayers.
"The support and guidance of County Executive Astorino's team has been incredible," said Jay L. Reinhard, president of Rector Street Development, LLC. "Thanks to our partnership with them, we have moved this project forward faster than we thought possible."
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 living area, appliances and security system upgrades. The modernization will be made with residents in place and will utilize "Green Building" technologies to improve energy efficiency. The rehabilitation will help maintain the 10-story building as a quality affordable housing resource for years to come.
"The IDA is proud to support this project that will create jobs and help grow our local economy, which are top priorities of County Executive Rob Astorino," said IDA Chairman Stephen J. Hunt, Esq. "This is good government, and I congratulate Rector Street Development on moving forward with this plan."
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 .
Photo left to right: Jim Coleman, IDA executive director; Michael Martino, former mayor of Tuckahoe; Jay L. Reinhard, Rector Street Development, LLC president; Robert P. Astorino, Westchester County Executive; and Stephen J. Hunt, IDA Chairman.