Westchester Supports $145 Million In Private Investments Oct. 7, 2016 - County Executive Robert P. Astorino announced today that $145 million in private investment in Westchester was moving forward thanks in part to key roles played by the county’s Industrial Development Agency (IDA) and Local Development Corporation (LDC).

Million Air is upgrading its corporate aviation facilities at the County Airport in White Plains with an $88 million renovation project that includes the construction of a new 50,000-square-foot hangar. The IDA approved issuing tax-exempt bonds, which lower the project’s financing costs.

The project is expected to increase the company’s full-time jobs at the airport from 27 to 79 within 18 months. Earlier this year, the County Board of Legislators approved a 30-year lease with Million Air at the airport. Million Air is the third largest fixed-based operation chain in the world, providing upscale private aviation services to airports, individuals and corporate flight departments.

“The significant investments being made by Million Air in the County Airport will not only create more high-paying jobs but also strengthen Westchester’s reputation as having one of the finest corporate aviation facilities in the nation,” said Astorino.

Bethel Methodist Home is acquiring Westchester Meadows, a continuing care retirement community in Valhalla, from Hebrew Hospital Senior Housing in a bankruptcy sale. The LDC, which works with non-profits, approved $28.6 million in low-cost bond financing for Bethel, which it will use to refinance a loan and fund major interior and exterior renovations. In addition to the bond financing, the LDC approved a mortgage tax exemption of $208,000. The project is expected to create and retain 80 jobs.

Based in Croton-on-Hudson, Bethel plans to renovate and operate the facility, which currently consists of 120 independent residential apartments, 10 enriched housing apartments, 20 skilled nursing beds, common areas, indoor pool, and nursing, medical and dining facilities.

“The financial incentives approved by the LDC will help keep open a valuable senior care and skilled nursing facility,” said Astorino. “This is a win-win for the county because it strengthens our social service network while creating jobs.”

The IDA also heard a presentation from executives of Dannon, which is seeking incentives for a proposal to move its headquarters to downtown White Plains. Under the plan, Dannon would remain in Westchester, its home for nearly 30 years. The move would be from its current location in Greenburgh to the White Plains building that had been home to Fortunoff. Plans call for a $30 million renovation of the building and an increase in the company’s workforce from 440 to 590 over five years.

Michael Neuwirth, a spokesman for Dannon, said the company has yet to finalize its plans, which are contingent on a number of factors. “We are in the process of seeking approvals of our various applications with the City of White Plains Common Council, the County of Westchester’s IDA, and the State of New York Empire State Development,” Neuwirth said. “We appreciate everyone’s patience and tremendous support. We recognize the efforts of the State of New York, County of Westchester County and City of White Plains to keep us in the area, which we’ve called home for more than 20 years.”

William M. Mooney III, director of the County Office of Economic Development, added: “Dannon has been a great asset for Westchester for many years. We are thrilled Dannon is considering this investment, which will keep jobs in Westchester and New York State, and we will continue to work closely with the company as it pursues its growth plans.”