New Rochelle IDA Meeting - March 11, 2026

On March 11, 2026, at 7:34 PM, the New Rochelle Industrial Development Agency (IDA) held a meeting at City Hall to consider the assignment of the IDA project at 277 North Avenue from the original sponsor (Fisher) to 277 North Avenue GP LLC, an affiliate of Lincoln Property Company. The meeting included a public hearing, presentations from the applicant and financial advisor, and a board vote resulting in approval with one abstention.

Consent Calendar

• Approval of Minutes: The board unanimously approved the minutes from the November 19, 2025 committee meeting.

Public Comments & Testimony

• Serge Vetcher (25 Lira Place): Expressed support for the project, noting the developer's reputation and the need to activate a dormant site. However, he questioned whether the city's finances and the original assumptions still hold, given that the project offers only the minimum 10% affordable housing at 80% AMI.
• Sean Wayowatsky (25 Leroy): Opposed the tax incentives, arguing that the project does not provide tangible benefits to the community. He noted that 10% of units at 80% AMI is not affordable for the average New Rochelle resident (who earns 50% AMI) and criticized the lack of enforceable local hiring requirements.
• Jim Kelleher (unstated address): Called for a PILOT for homeowners to reduce their taxes, emphasized the need for local job mandates (20% or more), and urged the IDA to require signed retail tenants before approving projects. He also suggested using affordable housing funds to build tiny homes for residents.
• Michael Yellen (New Rochelle Alliance for Justice): Argued that the city's development policies have put developers first. He stated that 80% AMI units do not meet the needs of most renters, citing a Hudson Valley Patterns for Progress report, and that 44% of New Rochelle households live below the poverty line or are working poor. He called for project labor agreements and stronger apprenticeship requirements for local residents.
• Maxine Gouls (unstated address): Raised concerns about inadequate parking (433 spaces for 442 units, assuming no family has more than one car) and no dedicated parking for retail. She also urged the IDA to plan for traffic mitigation during the 30-month construction period.

Discussion Items

• Project Presentation: Brian Cinsiba (attorney for the applicant) presented the project history, noting that the original approval was in 2018, but the Fisher group lost financing due to COVID and cost increases. The project cost has risen from $170 million to $250 million. The developer, Lincoln Property Company, is a large national firm with experience in similar mixed-use developments. Jared Toothman (Lincoln) emphasized the need for a PILOT to make the project financially feasible, given high construction costs in Westchester compared to Hudson County. He also discussed the brownfield cleanup program and the importance of transit-oriented development.
• Financial Analysis: Kevin Grams (Grow America) presented the cost-benefit analysis. The same 20-year PILOT as approved in 2018 (75% abatement in years 1-2, then phased, overall 46% tax savings) is proposed. Total incentives are $29 million (12% of project budget), with a net public benefit of $14 million over 20 years. The project is expected to generate 300 construction jobs and 27 operational jobs. The student impact analysis estimated 18 new students, with PILOT payments in year 3 ($737,000) exceeding the cost of those students ($220,000+).
• Board Discussion:
  • Board member Miguel O'Malley (who recused himself from voting due to a conflict of interest) asked about local hiring and union participation. Jared Toothman responded that the contractor (Swinterton) is aware of requirements and that Lincoln is open to union labor where economically feasible.
  • Vice Chair Ianusy questioned the per-student cost used in the analysis ($19,492), noting that actual costs may be higher (mid-$30,000s). Executive Director Adam Salgado replied that the cost is based on a 2015 study and that the city is working with the school district to update the calculation. He also noted the five-year lookback provision for reconciliation.
  • Chair Rob praised the project and emphasized partnership. He noted that the social equity fund (about $157,000) is a new benefit not available in 2018.

Key Outcomes

• Vote on Motion: The board voted on a motion to approve the assignment and transfer of the project to 277 North Avenue GP LLC, including the PILOT and all related documents as set forth in the resolution. The motion passed with 5 in favor and 1 abstention (O'Malley). The vote was: aye from Chair Rob, Vice Chair Ianusy, and three other members; abstention from O'Malley.
• Next Meeting: The next IDA meeting is scheduled for March 25, 2026, at 7:30 PM.