New Rochelle IDA and CLD Joint Meeting - May 27, 2026
New Rochelle IDA and CLD Joint Meeting - May 27, 2026
The New Rochelle Industrial Development Agency (IDA) and the New Rochelle Corporation for Local Development (CLD) held consecutive meetings on May 27, 2026, starting at 7:35 PM in City Hall. The IDA meeting focused on the inducement of a major mixed-use project at 466 Main Street and a discussion on updating workforce participation policies. The CLD meeting featured a detailed compliance report on local hiring and MWBE participation, and approved several contracts. Both meetings were chaired by IDA/CLD Chair Rob (last name not provided) and attended by board members, staff, and consultants.
Consent Calendar
- IDA Meeting: Approved the minutes from the previous meeting (not specified) unanimously.
- CLD Meeting: Approved the minutes from the March 25, 2026 meeting unanimously.
Discussion Items
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466 Main Street Project Inducement (IDA): The IDA received an application from 466 Main Development LLC (BRP Companies) for a 489-unit mixed-use development with 10% affordable units (49 units at 70% AMI), 6,000 sq ft of retail, and 448 parking spaces. The developers requested a 25-year PILOT, mortgage recording tax exemption, and sales tax exemption. Representatives Aaron Thomas (co-founder), Merritt Marshall, and others presented the project, highlighting lessons learned from prior projects (10 Commerce, 500 Main/The Leaf). The project is phase one of a two-phase development approved in 2024. Key discussion points included rising construction costs (25% increase since 2021), the need for a stronger abatement due to the lack of government support, community concerns about business displacement (two businesses were relocated with city subsidies), and the developers' commitment to local hiring and MWBE participation (targeting over 20% on prior projects). The board voted unanimously to approve the inducement and set a public hearing.
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Workforce Participation and Labor Compliance Policies (IDA): Staff introduced a planned review of the IDA's Uniform Tax Exemption Policy (UTEP), including local labor requirements, project labor agreements (PLAs) for pilots over 25 years, pre-apprenticeship pathways, and more frequent compliance monitoring. A board training session on the existing UTEP was proposed before any formal changes. No action was taken; this was a discussion item.
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Anchin LLP Compliance Monitoring Report (CLD): Anchin presented the 2025 annual report on the city's Economic Opportunity and Non-Discrimination Policy (EONP) and UTEP initiatives. Key statistics: 36 projects were monitored, 78% in post-construction. During construction, 521,000 hours were worked, with 6% by targeted workers (First Source graduates) and 6.3% by New Rochelle residents overall. In non-construction (post-construction), 915,000 hours were worked, with 11% by targeted workers and 24% by city residents. Apprenticeship hours reached only 6% of the goal. For the first UTEP social equity project (14 Lookout Phase 2, a 126-unit affordable condominium), the developer achieved 23% participation (exceeding the 15% goal) with $1.5M in local hire, $1.9M in union contractors, and $20M in MWBE contracts. Anchin emphasized early engagement (roadmap to compliance) as key to success. The board discussed the need for more granular data (separating MBE, WBE, and MWBE; verifying business legitimacy) and aligning workforce development with future project needs. The board approved a one-year renewal of Anchin's contract.
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Submersive Media Digital Media Services Contract (CLD): A resolution to authorize a professional services agreement with Submersive Media for digital marketing and website management, renewable up to four one-year terms, beginning June 1, 2026. Approved unanimously.
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West HAP / First Source Referral Center Contract Extension (CLD): A resolution to extend the current contract with West HAP for up to three months while the city evaluates responses to an RFP for operator services (two bidders: Social Synergy and West HAP). Also authorized the executive director to negotiate and execute a new one-year agreement with the selected provider. Approved unanimously.
Key Outcomes
- IDA: Unanimously approved the inducement resolution for 466 Main Street and the setting of a public hearing (date not specified).
- IDA: Agreed to conduct a UTEP training session for the board before any formal policy changes; no vote taken.
- CLD: Unanimously renewed the Anchin compliance monitoring contract for one year.
- CLD: Unanimously approved the Submersive Media contract.
- CLD: Unanimously approved the West HAP contract extension and authorization for a new agreement.
- Next Meetings: The next IDA/CLD meetings are scheduled for June 24, 2026, at 7:30 PM.
Meeting Transcript
Good evening, everyone, and welcome to the May twenty-seventh, uh, twenty twenty-six meeting of the neuroshell industrial development agency at seven thirty-five PM in City uh council conference room in City Hall and lovely near Shell, New York. Uh, the meeting of the near show IDA is now called to order. Can staff please call the role. Here. Here. I Allah. I Anuzi. Singletary. Here. We're also joined by Adam Salgado, Commissioner of Development Deputy and IDA executive director. Myself, Roshi Pong Shang, which is IDA consultant, and Adriana Baronello, which is our heart of speech transaction counselor. Welcome, everyone. Thank you. Uh, Katrina, I know is uh healing on the men from the uh injury. So thank you, Rosie, for stepping up again to your old role again. I'm happy to be here. So if you remember how this works, are there any announcements? Yes. Uh just a flag for the board that later under the other business and discussion item section. We're proposing to have a brief discussion about updating the agency's workforce participation in labor compliance policies under the UTEP. Looking forward to it. Thank you. Anything else? Everyone had an opportunity to take a look at them. If so, can I have a motion for approval? Sure. Thank you. Second. Sec. Junk ball second. Okay. Councilman, that's fine. Uh all in favor? Try opposed. Any abstentions? Uh it passes. Thank you for that. Um so tonight I have a inducement for a public hearing for a very exciting project uh that we will uh look forward to hearing from the project uh sponsors and developers about uh 466 Main Street. Um Adam, maybe you can give a little introduction to the project and the developers and go from there. Sure, thanks Rob. Uh the IDA received an application from 466 Main Development LLC for a proposed mixed use development project located at 466 Main Street. Upon completion, the project is expected to include 489 residential units with 10% of the units designated as affordable uh for households earning 70% of the area median income. That totals uh 49 units. The development will also include approximately 6,000 square feet of retail space and a parking garage containing 448 spaces. The resolution before the board this evening is for inducement of the project and the setting of a public hearing. The applicant is requesting financial assistance in the form of a mortgage recording tax exemption, sales tax exemption, and a 25 year pilot. The requested incentives will be reviewed by Grow America and the IDA Finance Subcommittee. The final proposed incentive package will be made publicly available prior to the public hearing scheduled in connection with this project. Representatives from BRP are here this evening, including Merritt Marshall. Um I don't know that I saw Andy Cohen, but Zach Schwanbach are here to present this evening along with Ian Nichols, uh partner at uh Cody and Feder to present the project and answer any questions from the call the team up to the board and walk us through their project.
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