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Press release
Port Chester Industrial Development Agency
Contact: Connie Philips (914) 481-8036
PORT CHESTER BOARD OF TRUSTEES CREATES AGENCY TO PROVIDE ECONOMIC DEVELOPMENT INCENTIVES TO NON-PROFITS
Local Development Corp. provides ability to finance other development projects
At its September 4th regular board meeting, the Port Chester Board of Trustees (BOT) voted 5-0 to form a local development corporation (LDC) that will be able to issue tax-free bonds and other financial incentives to non-profits and finance other development projects within the village that promote economic development.
The January 2008 sunset of a state law provision that allowed industrial development agencies (IDAs) to provide financial assistance to nonprofit entities prompted members of the Port Chester Industrial Development Agency (PCIDA) to recommend the LDC to BOT.
In introducing the resolution for the LDC formation, Port Chester Trustee and PCIDA Vice-Chairman, Joe Kenner, noted the two benefits of the LDC, “whether you are Don Bosco, Clay Art Center or the Carver Center, we now have a tool to provide low interest financing for your capital projects that enhance the quality of life for our residents. Moreover, as we look to development projects like a parking deck, the LDC can be a valuable financing mechanism that addresses a key village need.”
Mayor Dennis Pilla, who also serves on the IDA with Kenner, applauded the LDC formation as “just another quiver in our economic tool kit that will promote economic development and help foster an environment that says Port Chester is serious supporting projects we believe are beneficial to residents, business and non-profits within the village. Here is just another way for us to promote and enhance employment opportunities.”
PCIDA Chairman, Neil Pagano, mentioned that “the creation of the LDC will not detract from the efforts of the IDA, but will actually compliment how we are trying to promote economic growth in Port Chester by assisting both the for-profit and non-profit sectors, while at the same advancing other projects critical to revitalizing our downtown”.
Key projects assisted by the PCIDA include Restaurant Depot’s $22 million project on South Regent Street and the recently re-open Capitol Theatre, a $2.2 million renovation on Westchester Avenue.
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