Westchester County’s Local Development Corporation has approved $128 million in low-cost and tax-exempt financing for four Westchester nonprofits to help each with funding construction projects.
“The LDC can save nonprofits a great deal of money in financing costs, and it can do so at no risk, and at no cost, to taxpayers. By any measure, this is a win-win for Westchester and judging by the four projects approved today, there is a great and growing demand for this tremendous resource,” Westchester County Executive Robert Astorino said in a news release.
The four approved projects:
- Kendal on Hudson, a continuing care facility (Sleepy Hollow) – $64,330,000 to refinance existing debt and use some of the savings to make capital improvements to the existing facility. This transaction will result in $100,000 annual savings for the next 30 years.
- Northern Westchester Hospital (Mt. Kisco) – $43,000,000 in low-cost financing to design, construct and equip the expansion of a surgical suite. Improvements include six new state-of-the-art operating suites and 13 pre/post anesthesia care unit beds.
- Phelps Memorial Hospital (Sleepy Hollow) – $16,000,000 in low-cost financing for the construction, renovation and equipping of an approximately 20,000 square-foot surgical suite on the third floor of the existing Medical Services Building. The financing will also be used for the acquisition, construction and equipping of a 200-foot long by 9-foot wide enclosed corridor constructed as a bridge connecting the surgical suite to the third floor of the main hospital building.
- Iona College (New Rochelle) –$5,000,000 in low-cost financing to pay down existing debt that was used for the acquisition and improvements to five faculty residences.