• White Plains Hospital the Latest to Benefit from LDC Financing

  • SEPTEMBER 16, 2013 | COUNTY GOV'T, ECONOMIC DEVELOPMENT, REAL ESTATE

  • WCA joined forces with business, labor, and non-profit organizations to push County for the LDC

  • White Plains Hospital is the latest to join a growing roster of nonprofit organizations in Westchester that are leveraging the county’s new Local Development Corporation (LDC) to fund capital projects with low-cost, tax-exempt financing, the Westchester County Business Journal reported this week...


    The LDC has agreed to issue $108 million in bonds for the hospital's renovations—and that’s good news for Westchester economy, according to Marissa Brett, Executive Director for Economic Development at the Westchester County Association, which had successfully lobbied Westchester's Board of Legislators to form the LDC last year.

    “Not only will the LDC help White Plains Hospital by saving them $3 million in financing costs, but it stimulates the local economy,” notes Brett. “It is bringing hundreds of jobs to Westchester. It also is a reminder of the WCA’s persistence in working with business, labor and the nonprofit sector to push for the creation of the LDC in order to advance economic development in a difficult climate.”

    The project is expected to bring 75 full-time construction jobs and an additional 400 permanent jobs when the renovations are complete, said Edward F. Leonard, the hospital’s executive vice president and chief operating officer, in the WCBJ account. The hospital expansion includes a six-story patient building and five new operating rooms. The $108 million covers the two-year construction period plus the refinancing of existing debt.

    In addition to approving financing for the White Plains Hospital project, the LDC approved four other projects earlier this year, including construction at Northern Westchester Hospital and Purchase College. Bill Mooney, WCA's president, noted that there is a clear and growing demand for this type of resource.

    “Our county’s nonprofit organizations pump billions of dollars into the local economy and provide thousands of jobs to local residents. By reducing the cost of borrowing for these organizations, we are allowing them to put their dollars where they matter most—into the local community,” Mooney said.

    Over 100 local nonprofits had the chance to learn about financing projects through the LDC earlier this year at a seminar hosted by BLUEPRINT, WCA’s economic development initiative designed to spur economic development in Westchester County. 

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