The hour was early (8:30 a.m.), yet close to one hundred people attended WCA's BLUEPRINT forum to learn about Westchester's new Local Development Corporation (LDC)...
To educate the nonprofits about using the LDC, the WCA invited Jim Coleman, executive director of the Westchester Industrial Development Agency which oversees the LDC; and Eileen Mildenberger, director of the Westchester County Office of Economic Development to explain the process and answer questions.
In case you're just joining us, the LDC provides access for nonprofits to
low-interest financing for their capital projects at no cost to the county. And when capital projects get financing, construction is not far behind, creating jobs. For example, the LDC made it possible for Kendal on Hudson in Sleepy Hollow to refinance $64 million of debt at a lower interest rate, which will save the continuing care facility $100,000 in interest payments a year.
The Westchester County Association, in collaboration with business, labor and the nonprofit secors, led the charge during the past year to urge the Westchester County Board of Legislators to create an LDC in Westchester. The object was to advance economic development and create jobs in a difficult economic climate.