WPCNR THE DEVELOPER NEWS. By John F. Bailey. July 18, 2007: As first reported by WPCNR Tuesday, Louis Cappelli confirmed exclusively to WPCNR Tuesday afternoon that he would seek the Remediated Brownfield Cleanup Program Credit on real Property Taxes on his Ritz-Carlton site in 2009. Cappelli told WPCNR the credit kicks in after 125 new jobs are added as part of a remediated brownfield site project. By WPCNR estimate this would mean a minimum of $1.5 Million  in new property tax credits per year reimbursed by the state for the Ritz-Carlton partners.

The Cappelli Enterprises Ritz-Carlton Westchester project (tall towers in center of the picture) will definitely file for additional Property Tax Relief credits guaranteed them as part of their Brownfield Cleanup Agreement in 2009, Louis Cappelli (shown below) announced Tuesday.

 In 2006, Mayor Joseph Delfino said the Ritz-Carlton job would mean at least 150 new permanent jobs for White Plains, that would mean at the mininum at $10,000 tax credit per new job, as part of the  Brownfield Cleanup Program of New York State, $1.5 Million in property tax relief per year in perpetuity. The Department of Environmental Conservation Press Office in Albany has not confirmed yet to WPCNR whether the property tax credit lasts indefinitely.

Mr. Cappelli has also announced plans in May, 2006 to move his Valhalla office headquarters to the Ritz-Carlton which would mean more new jobs brought to the "Brownfield site" which should push the tax credits up over $2 Million. There are three restaurants being brought in BLT Steak, plus a posh Manhattan-based coffee house, a Trotters restaurant on the lofty Main Street tower, plus perhaps a restaurant in the hotel complex, though that is not clear, meaning more employees, above and beyond the Mayor's original report of 150.

Mr. Cappelli told WPCNR the "threshold is 125 employees." It looks like, at this time, the Ritz qualifies. The exact amount of property tax credit can only be estimated at this time. Mr. Cappelli did not provide the number of new full-time jobs he was bringing to the site to WPCNR, nor an estimate of his property tax credits.

Part of the Remediated Brownfield "perks," the Real Property Tax Credit could pay Property Tax Credits of $10,000 per new permanent employee brought to the site, provided the Cappelli site was designated an En-Zone, an area designated by the state Commissioner of Economic Development as such by December 31, 2003.

The estimated $1.5 Million in property tax relief for the Ritz-Carlton project is in addition to the $75 Million tax credit payment Mr.Cappelli and partners in the project will begin to receive in 2008, 2009 and 2010.