New Rochelle IDA Regular Meeting Agenda Packet March 2026
442-Unit Project Receives Amended IDA PILOT, Tax Incentives
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Description
The New Rochelle IDA authorized the assignment of all IDA financial assistance documents and benefits, including a 20-year PILOT and $5.3 million in estimated tax exemptions, from 277 NR Principal LLC to 277 North Avenue GP LLC for a 442-unit mixed-use development.
Contract Details
Contract Amount
Approximately $5,300,000 in total estimated tax exemptions
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 agreement commencing after Certificate of Occupancy is issued
Renewal Date
2048-12-31
Renewal Info
Assignment and assumption of existing IDA documents approved; 20-year PILOT with specific step-down abatement schedule; renews PILOT clock from year of construction/CO issuance. PILOT deviates from UTEP due to project costs and affordable housing inclusion.
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