SLEEPY HOLLOW, N.Y. – Four nonprofits in Westchester County have been approved for low-cost and tax-exempt project financing by the new Local Development Corp., County Executive Rob Astorino announced Tuesday.
Projects at Kendal-on-Hudson and Phelps Memorial Hospital in Sleepy Hollow; Northern Westchester Hospital in Mount Kisco; and Iona College in New Rochelle will receive a total of $128 million in financing.
The County Board of Legislators ratified the LDC on Monday. The LDC reviews requests from local nonprofits for tax-free bonds and other financial incentives. County officials said the obligation to repay debts rests with the nonprofit organization, providing no financial risk to the county.
“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,” Astorino said. “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.”
The projects include:
- $16 million in low-cost financing for Phelps Memorial Hospital to build, renovate and equip a 20,000-square-foot surgical suite in the Medical Services Building and an enclosed bridge connecting the surgical suite to the third floor of the main hospital building.
- $64.33 million for Kendal-on-Hudson to refinance existing debt and make capital improvements to the continuing care facility's existing infrastructure.
- $43 million to Northern Westchester Hospital in low-cost financing to construct and equip a surgical suite, including six new operating suites and 13 pre/post anesthesia care beds.
- $5 million to Iona College in low-cost financing to pay down existing debt used for acquiring and improving five faculty residences.