WPCNR COMMON COUNCIL-CHRONICLE EXAMINER. Special to WPCNR. April 26, 2007: Mayor Joseph Delfino rebuked Council President Rita Malmud’s statement appearing in the White Plains Times Thursday, in which Ms. Malmud criticized the evolving details of the new LCOR “Bank Street Deal” (that would bring 107 units of affordable housing in two 29 story apartment buildings to be built on the present municipal parking lot). The council set the public hearing on the Bank Street Project for May 7.
Malmud was the only council person cool to the proposal when LCOR sprung a surprise request for a PILOT on the council three weeks ago.
If you recall this project was first presented as a project to be built on the commuter parking lot sold to LCOR at a reduced price ($21 Million cut to $15.5 Million). Then LCOR asked for the Urban Renewal Agency to finance the project for the entire $260 Million project as a PILOT-less project, through revenue bonds. Then three weeks LCOR changed its mind and said it needed a PILOT. This week a bare bones offer (to be possibly implemented if the PILOT fell through) emerged in the Urban Renewal Agency legislation designating LCOR as the developer of the commuter parking lot that allowed half the project to be condominium, and lowered affordable housing to 16 units down from 107.
Malmud was quoted in today's White Plains Times as saying “it is difficult to find language strong enough to express my disappointment and frustration over the lack of effective and efficient planning, the abysmal result of secret negotiations, and the isolation of the Common Council from the true state of facts until a time crunch has arrived.”
The city needs the $8 Million to balance its budget due to bungled land sales on Railside Avenue, sewer expenses at that site and the need to replace fund balance.
According to Councilman Arnold Bernstein describing the events of the evening to WPCNR, “Rita must have misunderstood the details of the project. The Mayor refuted her unfortunate comments. Let’s not try to derail this project. This is just the usual nonsense. The usual politics.”
Bernstein said it was not clear at this time whether the PILOT (the amount of which has not been stated in the Urban Renewal Legislation proposed for LCOR on the project), would be made possible through the Westchester County Industrial Development Agency or whether the home rule legislation the city is seeking from the state legislature, would be rushed through in time for the Urban Renewal Agency acting as IDA to undertake the $260 Million funding of the project (through revenue bonds to be paid by LCOR).
In legislation approved by the Urban Renewal Agency Wednesday, it was disclosed that LCOR has negotiated an alternative plan allowing condominiums on the site and a lower price on the land, if the Westchester County Industrial Development Agency or the Urban Renewal Agency does not undertake the project with the proposed PILOT, providing no taxes on the residential towers for 12 years (from the date the towers open). LCOR would pay the city $250,000 annually “for the life of the project.”
The alternative is described thusly in the Urban Renewal Agency legislation:
In the event the foregoing abatement (PILOT) cannot be obtained, the terms of the transaction would change as follows: The purchase price (of the commuter parking lot) would be reduced to $8 Million (from $15.5 Million); with $6 Million payable on or before June 30, 2007, and $2 Million payable on or before June 30, 2008. The physical characteristics of, and the preliminary plans for, the Developmengt would remain essentially the same, but one tower could, at the election of LCOR, contain units for sale, in which event, the other tower would be rental. (Under this alternative) Only 6% of the total units (16) (all in the rental tower) would be affordable as described in and according to the City’s Affordable Housing Program, and, while the Development , would be required to continue to provide commuter parking spaces for at least 250 stacked vehicles or 200 self-parked vehicles, the annual $250,000 fee to the City would not be required to be paid.”
LCOR would also be relieved of having to execute a number of onsite improvements, resulting in more savings to the developer.
Cappelli takes over the Ginsberg-Rotundi Corner.
Bruce Berg, Mr. Bernstein said, came in and made a brief presentation, stating that Cappelli Enterprises has decided to build the 8-story building that Martin Ginsberg was proposing to build for Cappelli Enterprises. Cappelli Enterprises would build on the Corner Nook site. Bernstein said that the building would contain affordable units meeting Mr. Cappelli’s obligation he owes the city as part of the Ritz-Carlton project. Bernstein quoted Mr. Berg as saying the bulding will contain affordable and market rate units.
Asked if this was the end of The Pinnacle, Bernstein said “not at all, we will have a building there (on The Pinnacle site), either Ginsberg will build it, Rotundi will build it, or Cappelli will.”
Firemen’s Overtime
Over $90,000 in overtime charges for the fire bureau was approved by the Council Bernstein reported.
Parking.
In the presentation to the council by the Parking Department, Bernstein said the council did not come to a consensus as to whether the parking rates would rise to $1 a hour. That was still in the air, Bernstein said.
