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Regular meetings will be held the second Wednesday of every month at 6:30 pm, 1st Floor Conference Room, 222 Grace Church Street.
Press release
$14,500,000 refinancing of Kingsport Housing Development
On Wednesday, August 3rd The Village of Port Chester Industrial Development Agency closed on $14.5 million in tax exempt bonds to assist in the refinancing and renovation of the Kingsport Housing complex located on a one and a half acre parcel at 245 King Street. The complex consists of 121 one bedroom and 7 efficiency apartments for seniors. The use of tax exempt bonds as well as Section 8 housing vouchers will keep the units affordable for the village’s seniors for the foreseeable future.
Planned improvements focus on energy saving measures and include: renovations to the common areas, heating systems, plumbing, roof, windows and elevators, Work on the interior of the apartments will be scheduled to coincide with vacancies as they occur. The building is fully occupied, but annually there is a turnover of 5 to 10 units. A waiting list for units as they become available is maintained by the Community Housing Management Corporation in Elmsford.
Vice-Chairman, Joseph Kenner, noted that, “the main goals of the IDA have been to~retain and improve these needed affordable apartments for our seniors, and at the same time enhance PILOT revenues generated by the facility. It was a pleasure being part of the negotiations with our IDA Chairman, Neil Pagano. Not only has the IDA secured~significant host community fees for the benefit of~the Village, we increased the annual PILOT payments to all of the taxing jurisdictions.” Kenner also serves as Deputy Mayor for the Village. Mayor Dennis Pilla, who also serves on the seven member IDA board, echoed Kenner’s high praise for Chairman Pagano stating that “Neil, has been a godsend to the IDA. He, along with our IDA counsel, Justin Miller, have totally turned around the Agency and made it a
true asset for the village.”
In addition to the Kingsport Housing project, the Port Chester IDA under chairman Pagano’s leadership provided financial assistance to the $22 million Restaurant Depot project on South Regent Street. The 75,000 square foot Restaurant Depot project is currently under construction and scheduled to open mid-October bringing an estimated 60 jobs to Port Chester.
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