Photo (l. to r.): Jim Coleman, LDC Executive Director; William M. Mooney III, Westchester County Office of Economic Development Director; Mark Hammond, Wartburg Chief Financial Officer, Jerry McGrath, LDC board member; Stephen Hunt, LDC Chairman, County Executive Robert P. Astorino; Ilyse Spertus, PhD, LDC board member, Kevin J. Plunkett, Deputy County Executive and LDC Vice Chairman; Ryan B. Herchenroether, Wartburg Vice President of Project Development; Mark Stanton, LDC board member.County Executive Robert P. Astorino today announced that the county’s Local Development Corporation (LDC) approved a resolution that will give Wartburg Senior Housing of Mount Vernon access to $12.5 million in low cost bonds to re-finance existing debt and renovate its Meadowview assisted living facility. The tax-exempt bond issue, which carries no financial risk to county taxpayers, will save the non-profit nearly $2.5 million in financing cost over the next fourteen years and enable the organization to sustain its mission for the current and next generation of seniors.

“Today’s action by the LDC is good news for Wartburg and for our county’s seniors,” said Astorino. “One of our finest adult care organizations will now be able to lower expenses so more money can go toward services. This is exactly why we launched the LDC – to help non-profits get rid of expensive debt, so they can focus their valuable resources on serving Westchester residents.”

Wartburg, a nonprofit founded in 1866, offers integrated and comprehensive services to thousands of seniors throughout Westchester and the region. It plans to allocate $11.5 million toward paying down existing debt and $1 million toward upgrades to the common areas, enhancing the living experience for current and future residents and making the facility more energy efficient. To further reduce financing costs for the Wartburg, the LDC also voted to provide $195,000 in mortgage recording tax exemptions.

“County Executive Astorino’s team helped us realize the savings we could achieve by going through the LDC and how quickly we could get the financing too,” said Mark Hammond, Chief Financial Officer, Wartburg. “I’m glad they did. We’re here to serve Westchester seniors. This support will help us do that for many more years to come.”

Construction is expected to begin by the fall and take several months. Wartburg plans to utilize local labor and seek out minority and women owned enterprises for contracting partnerships.

Astorino established the county’s LDC in April 2012 to fill a void that had existed since January 2008, when the state's Industrial Development Agencies, including Westchester's, lost the authority to issue bonds on behalf of non-profit organizations. The LDC provides non-profits access to millions of dollars in low-cost, tax-exempt bonds for the financing of job-creating construction projects and refinancing of existing, expensive debt. There is no financial risk to the county. The obligation for repaying the debt rests solely with the non-profit organizations. The LDC acts as a conduit to enable the non-profits to receive tax exempt status.

In 2014, the LDC launched a Small Bond Issuance Program, making non-profits eligible for tax-exempt bond financing for project with costs as low as $500,000 up to $5 million.

Any non-profit organization looking to access the low-cost and tax-exempt project financing made available through the LDC should contact Jim Coleman, executive director of the LDC, at (914) 995-2963 or .

Photo (l. to r.): Jim Coleman, LDC Executive Director; William M. Mooney III, Westchester County Office of Economic Development Director; Mark Hammond, Wartburg Chief Financial Officer, Jerry McGrath, LDC board member; Stephen Hunt, LDC Chairman, County Executive Robert P. Astorino; Ilyse Spertus, PhD, LDC board member, Kevin J. Plunkett, Deputy County Executive and LDC Vice Chairman; Ryan B. Herchenroether, Wartburg Vice President of Project Development; Mark Stanton, LDC board member.