Westchester Legislators Approve New Law Ratifying Incorporation of Local Development Corporation

FOR IMMEDIATE RELEASE: April 15, 2013

Contact: Tom Staudter | ThomasS@westchesterlegislators.com | 914-995-2819 (office) | 914-815-4462 (cell)

Westchester Legislators Approve New Law Ratifying Incorporation of Local Development Corporation

White Plains, NY – The Westchester County Board of Legislators (BOL) an Act tonight that will ratify the incorporation of the Westchester County Local Development Corporation (LDC) and open the door for the new entity to issue bonding obligations that act in the public interest and help generate funding for projects spearheaded by not-for profit organizations and corporations.

The new legislation, which was originally introduced by the Administration and overwhelmingly passed by the BOL in bi-partisan fashion, will now go to the County Executive for his consideration.

“In this case, both the Board of Legislators and the Administration shared a common goal to create a solid law that will promote smart growth around the county and provide short- and long-term jobs for residents,” said BOL Chairman Ken Jenkins (D-Yonkers). “To finalize this bill, a good deal of dialogue and deliberation took place, which proves again that we can effectively work together in the best interests of our residents and business owners.”

The legislation for the ratification was approved initially in two BOL committees, Legislation and Government Operations, respectively chaired by Bill Ryan (D-White Plains) and Legislator Catherine Borgia (D-Ossining). Jenkins thanked both legislators for the close attention paid and sizable amount of work completed in the two committees en route to the bill’s BOL approval.

BOL Majority Leader Pete Harckham (D-Katonah) emphasized that the new LDC legislation included significant transparency and protections for county taxpayers. The LDC, for instance, will have seven board seats instead of the three that were first suggested by the County Executive, including a seat each appointed by the BOL Majority and Minority Leaders, plus a seat for a labor representative—all thanks to BOL recommendations.

“While the Board of Legislators stood firm when it came to ensuring that the LDC operated with an appropriate level of governability, it was a model process in collaboration and compromise,” said Harckham.

“The upside will be scores of new jobs and more opportunities for growth among the county’s many successful not-for-profit entities, which now have a superb financial tool to work with.”

The new LDC’s powers, committed through no cost to taxpayers, are limited to assisting capital projects undertaken by not-for-profit corporations by the issuance of bonds and other financial obligations or refinancing bonds originally issued by the Westchester County Industrial Development Agency and the Dormitory Authority of the State of New York for not-for-profit corporations.

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Bazzo 04/16/13

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