Westchester County LDC to Give SUNY Purchase $2 Million for Student Housing
Westchester County’s Local Development Corporation (LDC) approved the reissuance of tax exempt bonds that financed SUNY Purchase’s Alumni Village student housing complex, a move that will save the college roughly $2 million over the next 20 years.
Built in 2002, Alumni Village houses more than 400 students in on-campus apartments and was financed through bonds issued by the Westchester County Industrial Development Agency (IDA). SUNY Purchase has been looking to refinance those bonds to take advantage of current low interest rates.
The county established the LDC in 2012 as an economic development tool that aids nonprofit institutions in Westchester by issuing tax-exempt bonds and other economic incentives. The LDC can also reissue existing bonds, which is the case with the SUNY Purchase agreement.
“This was an opportunity for the county’s LDC to step in and help save SUNY Purchase close to $200,000 a year in debt service payments,” Astorino explained in a release announcing issuance of the bond.
Other nonprofits that have been helped by the county’s LDC include Kendal on Hudson, a continuing care facility in Sleepy Hollow, which received $64.3 million to refinance existing debt and use some of the savings to make capital improvements to the existing facility; Northern Westchester Hospital in Mount Kisco, which received $43 million 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; and Phelps Memorial Hospital of Sleepy Hollow, which received $16 million 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.
Adam has worked in the local news industry for the past two decades in Westchester County and the broader Hudson Valley. Read more from Adam’s author bio here.
