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During their meeting on Friday, Feb. 24, the Westchester County Industrial Development Agency (IDA) voted for the final and preliminary approval of financial incentives for two major developments in Downtown White Plains and began consideration of tax exemptions for a third, the agency announced in March.
The agency voted on the final approval of $481,562 in additional sales tax exemptions for the City Square project at 50 Main St., a major transit-oriented development located near a Metro-North station that includes office, retail, and restaurant space as well as apartments and a park.
Developed by Ginsburg Development Company, the project was already granted a $1.57 sales tax exemption in 2019. The additional exemption voted on in February will be for the final retail portion of the complex, officials said.
Additionally, the agency also voted preliminary approval of financial incentives for the $32.3 million renovation of Armory Plaza, an affordable housing apartment complex for seniors at 35 South Broadway.
The castle-like building was originally constructed in 1909 and was last renovated in 2008 using Low-Income Housing Tax Credit and tax-exempt bonds issued by the White Plains Housing Authority, according to officials. The project, which will begin in June 2023 and take 12 to 18 months to complete, is expected to create 18 construction jobs and cost around $150,000 per apartment.
The IDA also heard a request for a sales tax exemption of $537,034 and a mortgage recording tax exemption of $152,700 for a four-story workforce housing development located at 8 Chester Ave. The development will contain nine designated affordable units with rents at 80 percent of the local area median income and will be located two blocks from White Plains Hospital.
The site will offer rental units that will be $500-$700 less expensive per month than similar newly constructed apartment units in White Plains, IDA officials said.
In considering the request for the tax exemptions, the IDA conducted a cost-benefit analysis study, which found that for every $1 of tax incentives awarded to the project, $2.20 of tax revenue would be generated for the county.
Westchester County Executive George Latimer said that the financial incentives awarded to the projects would be of no cost to taxpayers and are "paying dividends in further enhancing the high quality of life in our county.”
IDA Chairperson Joan McDonald agreed, saying the projects would also "provide renovated affordable housing for seniors and generate new street-level retail activity in downtown White Plains."
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