OTHERAPPROVED

New Rochelle IDA Regular Meeting Agenda Packet March 2026

IDA Approves 20-Year PILOT, Assignment for 277 North Avenue Project

Approximately $5.3 million in tax exemptions (PILOT, mortgage recording tax, sales tax exemption), development budget $250,224,595City of New Rochelle277 NORTH AVENUE GP LLCMarch 11, 2026

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Description

The New Rochelle IDA approved the assignment and assumption of IDA agreements, including modified PILOT benefits and tax exemptions, for the transfer of the 277 North Avenue mixed-use development project from 277 NR Principal LLC to 277 North Avenue GP LLC. The $250 million project will offer 442 residential units with 44 affordable units.

Contract Details

Contract Amount

Approximately $5.3 million in tax exemptions (PILOT, mortgage recording tax, sales tax exemption), development budget $250,224,595

Vendor

277 NORTH AVENUE GP LLC

Agency

City of New Rochelle, NY

Contract Type

OTHER

Document Date

March 11, 2026

Contract Term

20-year PILOT schedule; expected to begin year after certificate of occupancy; through approximately 2049

Renewal Date

2049-12-31

Renewal Info

PILOT agreement restated to commence upon issuance of certificate of occupancy, runs for 20 years with specified phase-down; assignment of all existing IDA documents. No automatic renewal post-term; conversion to full taxes after 20 years.