White Plains CitizeNetReporter - LCOR seeks $2.6 Million a Year in Tax Relief from City for Bank Street Affdbls


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LCOR seeks $2.6 Million a Year in Tax Relief from City for Bank Street Affdbls Posted on Friday, May 04 @ 08:02:17 EDT by jfbailey

WPCNR QUILL & EYESHADE. From News Reports. May 5, 2007: The Journal News reporting in their roundup of Westchester Industrial Development Agency activities reported this morning that LCOR, the favored developer of the Bank Street commuter parking lot, has been approved by the IDA for tax relief of $6.51 Million. In the report, the Journal News notes that LCOR, in addition, seeks $39 Million in "local tax breaks" over fifteen years (possible PILOT?) from White Plains, which works out to $2.6 Million in forgone revenues per year, $39 million total. It is the first public mention of the amount of tax relief the city is possibly considering granting LCOR to build the 538 unit double towers on the city commuter parking lot. The tax writeoffs are in addition to the $6 Million discount the city is giving LCOR on the purchase of the land. Previous media requests of the city for details on the PILOT LCOR seeks for the project were not responded to.

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