Bond Financing Approved for Senior Learning Community
By Rick Pezzullo
The Board of Directors of Westchester County’s Local Development Corporation (LDC) last week voted final approval of tax-exempt bond financing for the development of a senior learning community on the SUNY Purchase campus.
The LDC increased the bond financing on September 28 to approximately $385 million but not to exceed $400 million.
“We are very pleased to provide tax-exempt bond financing for this exciting and innovative senior living development to be built on the SUNY Purchase campus,” said Westchester County Executive George Latimer. “I applaud the Purchase Senior Living Community and the Building Trades of Westchester for negotiating a Project Labor Agreement as part of this project. As Westchester County’s senior population continues to grow, it is important that we have communities such as this so our seniors can remain in the county.”
“We want to applaud SUNY Purchase and all of the team for moving this project forward. It’s a great project and one that will be a great addition to the county for many years to come. We appreciate the intergenerational model, and we hope it is a model for the rest of the country,” said LDC Chair Joan McDonald.
Last month, the LDC amended preliminary approval of the issuance of tax-exempt bonds of approximately $385 million not to exceed $400 million. Project developer Purchase Senior Learning Community LLC sought the increase due to higher construction costs resulting from the COVID-19 pandemic.
Phase 1 of the project is comprised of 220 independent living units, 18 assisted-living beds, 16 memory care beds, underground parking, a separate assisted living and memory care building and up to 46 single-family and duplex homes, all totaling approximately 552,000 square feet of space, together with supporting infrastructure and property site improvements.
The project, which will be built in two phases, is located on approximately 40-acre parcel of land located on the campus of Purchase College at 735 Anderson Hill Road.
The LDC assists Westchester not-for-profit organizations in securing tax-exempt bond financing benefits. These benefits are provided at no cost or risk to the taxpayers of Westchester County. Since its inception in 2012, LDC has assisted not-for-profit organizations in securing tax-exempt bond financing totaling more than $400 million.
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/
