WPCNR Common Council Chronicle-Examiner. By John F. Bailey, May 17, 2007: As predicted by WPCNR and White Plains Week months ago, the Common Council approved the building of 55 Bank Street today, a $260 Million development of two apartment towers 24 stories each, including 429 market rate apartments and 107 units of affordable housing (rentable to earners making 60%, 80% and 100% of median income ($73,000) on the present city municipal parking lot adjacent Bank Street Commons.

City Commissioners and appointed officials were given a 4% raise by the Common Council, but the Council declined to award themselves 4 per cents, and denied the Mayor a raise.

The Bank Street Job

 2 Buildings Built on city Commuter Parking Lot, 29 Stories each, 272 feet tall, 536 Apartment Rentals, 109 "below market,"costing $260 Million Approved Thursday Evening at this week's second Special Meeting of the Common Council.

 The LCOR Bank Street project now moves to the site plan stage – with no date set for groundbreaking. The first payment for the land, $6 Million, is due by June 30. The agreement eliminated the controversial Plan B option where if the 107 units were scaled back to 32 for failure to receive tax abatement – LCOR would pay the city $8 Million for the land.

Instead, the city has agreed to a repurchase option to protect LCOR’s interest:  if tax abatement to the sum of $39 Million or $29 Million, depending on who is figuring it, the county or the city, is not approved by the city by January 15 2008, the city would have the option to buy back the property from LCOR at fair market value but no less than the $6 Million LCOR will have paid. The Repurchase Option, cynics were saying after the meeting is an interest-free loan to the city to help them balance the budget. LCOR would have right of first refusal if the city were to offer the land to anyone else after the city had repurchased it. The Repurchase Agreement gives LCOR leverage, should they find the project unbuildable for some reason

After the initial LCOR $6 Million payment this June 30, the balance of the purchase price for the city municipal parking lot of  $9,500,000 will not be fully paid to the city until June 30, 2010. The sum of $5 Million will be paid by June 30, 2008; $2.25 Million paid on or before June 30,2009; and the final payment of $2.25 Million paid June 30, 2010.

Mayor denied a Raise

In the discussions on raises for 34 appointed city employees, including the Director of Information Services,  Commissioner of Building, Commissioner of Recreation and Parks, Commissioner of Planning, Commissioner of Parking, Commissioner of Traffic, Executive Officer, Personnel Officer, Library Director, City Clerk, among the Commissioners watching intently currently on the payroll, the council approved raises of 4% across-the-board, totaling $174,565, plus $2,531 in Medicare Costs and $17,457 in additional retirement costs.

The council split on whether to give raises to themselves and the Mayor. Glen Hockley and Arnold Bernstein felt the council has worked very hard this year and deserved the 4% raise. Dennis Power, Rita Malmud, Benjamin Boykin, and Tom Roach, who was not present but conveyed his impressions to Mrs. Malmud, earlier, she said felt elected officials should not receive a raise.

The Mayor learning he was not going to receive the $5,835 raise that 4% would have given him, took it like a man, very gracefully.  The Mayor noted that the total savings by eliminating council raises and his raise was only $9,000 on a $154.7 Million budget, but said if that was what the council wanted, “whatever you want to do.”

Mr. Hockley, joining in the council’s spirit of self-sacrifice and aggressive budget restraint, suggested the Council President’s stipend be reduced, as a further gesture. Mrs. Malmud, the Council President, ignored the suggestion.

The $9,000 cut was the only cut the Common Council made in the city budget. The Common Council will continue to be paid $36,471 a year, with the Common Council President earning $38,971. The Mayor will continue at this year’s salary of $145,881.

Mayor Uses School District Salaries as Selling Point.

In justifying the 4% increase for his appointed staff the Mayor, made pointed reference to the recently published salaries of the White Plains City School District Administration. He noted that one of the two Middle School Principals at $173,134 makes more than the City’s Commissioner of Public Safety, Dr. Frank Straub, who with his new 4% raise will make $165,236, the highest paid city official.

As a selling point to support his call for 4% raises, the mayor passed out copies of the listing of School District Administrator’s salaries to the Common Council.

Cappelli thinks it Over.

The Council was set to approve the 23 affordable apartments in the City Center Municipal Garage, when the developer, Louis Cappelli, through a spokesman asked the resolution be withdrawn, because, according to Paul Wood, city Executive Officer, Cappelli thought he might be able to “do better” than the HUD guidelines in subsidizing the heating costs for the affordable apartments. Wood said Cappelli wanted to look at it a little more. The 23 units are being proposed by Mr. Cappelli to enable him to open the Ritz-Carlton Westchester Hotel on time in September, by which time the 23 units associated with that development are to be built, according to council approval of the 221 Main project.