WPCNR COMMON COUNCIL CHRONICLE-EXAMINER. By John F. Bailey. July 24, 2008: At a Common Council Special Meeting and Work Session tonight, the council scheduled a public hearing on the LCOR  55 Bank Street delayed and redesigned affordable housing development. LCOR representatives told the council the design showed the council earlier this month was not set in stone that the parking structure could change in design at the city request, though they were firm that the parking had to be built all in one structure.

Should the council approve the extended construction schedule (the start of each is linked to financing for each of two phases) after the public hearing August 4, LCOR would have 150 days (until approximately January 1, 2009) to deliver new site plans.

The council learned they could choose to add 30 units more to the 536-unit rental project, because previously proposed office space had been remove and  that could include 6 more units of affordable housing if they wished. The council was informed by the city that the city was paying rent on the commuter parking lot property (site of the project) that LCOR owes $5 Million on , (currently 24 days overdue).  LCOR is expected to pay between September 15 and September 30.

$5 Million to Come in September

The $5 Million payment  (second installment of a $15.5 Million purchase price) LCOR owed the city for the land roosts in escrow at the moment with New York Land Company, awaiting conveyance to the city.

Part of the newly revised plan tying start of construction to acquiring financing pushes back the remaining $4.5 Million owed by LCOR on the property until 2013, with interest based on inflation.

Councilperson Rita Malmud asked for a breakdown from LCOR and the Commissioner of Planning as to exactly when the PILOT payments going out 15 years would kick in on the project. Meanwhile, it was disclosed the city is paying the taxes on the property as part of rent for the continued operation of the parking lot.

BID Expansion on Life Support, Ready to Flat Line

In BID developments, the Council's Rita Malmud  and Dennis Power took a dim view of the BID's plea ti bring in an expert from Pace University to review the City Corporation Counsel (Edward Dunphy) decision that the BID Extension opt-out vote was too close to authorize BID expansion.

BID Executive Director Rick Ammirato asked the council to allow the BID to seek an outside legal opinion on whether  50.925% Opt -out Rate of business owners was below the 51% opt-out rate by enough to allow the BID to push its expansion plan through, considering that only 17% of the majority property owners opted out. 

Malmud and Power rejected this third party requested intervention. The council is being asked to pass an official rejection of the BID expansion request at the Council meeting of August 4. Ammirato said the close opt-out vote was achieved by xeroxed ballots circulated for signature and by what he termed "a whispering campaign."

 Ammirato expressed the hope that the council would not pass the rejection, because the BID would like to go back to the affected areas of the city and redraw the expansion lines to include only those businesses who wish to join the BID. The majority of oppostion comes from South Lexington Avenue and West Post Road, he said. Otherwise, Ammirato said it would be two years before any expansion could take place. The Mayor noted the economy is tough in the city right now, and it might not be the right time to offer the expansion plan (requiring new BID assessments passed on to owners).

Windsor Terrace Spared Million Dollar Runup in  Affordable Housing Buyout Balloon

The council agreed to a compromise with Roman Partners, the developer of Windsor Terrace to waive the addtional increase in the affordable housing buyout fee that went into affect in April of this year, and will allow Roman Partners to pay their previous buyout fee  of $452,000, instead of the $1.47 Million they owned under the new buyout guidelines the council designed and passed in April. Windsor will pay the buy out they owed in 2003 at the time of approval with the previous developer.

The compromise is conditional that Roman Partners pay all building fees and permit fees by December 31 and begin construction by August 3, 2009. Similar arrangements are expected for Hale Avenue condominiums.

The council is also expected to grant extensions to Kensington Senior Living on Maple Avenue, while they wait for a HUD mortgage insurance approval on their loan with CAPMARK to finance the project. That approval is not expected before January. Another site plan extension is sought by North Street Community which is still, according to their attorney, Paul Bergins, seeking a health care partner to run the assisted living condominium and medical piece of the site.