New Rochelle IDA Meeting - June 24, 2026: BRP 466 Main Street Hearing and Vote
New Rochelle IDA Meeting - June 24, 2026
The New Rochelle Industrial Development Agency (IDA) met on June 24, 2026, at 7:30 p.m. to hold a public hearing and consider a resolution authorizing financial assistance for the BRP 466 Main Street LLC project. The project proposes a mixed-use development at 466 Main Street with 489 residential units (49 affordable at 70% AMI), 6,000 sq ft of commercial space, and a 448-space parking garage. The requested assistance includes sales tax and mortgage recording tax exemptions and a 25-year PILOT (Payment in Lieu of Taxes) deviating from the standard 20-year uniform tax exemption policy (UTEP). After public testimony and board discussion, the resolution passed with one opposing vote.
Consent Calendar
- Unanimous approval of the May 27, 2026 meeting minutes.
Public Comments & Testimony
- Sean Waywatsky (25 LaRoy Place) opposed the PILOT, arguing the net public benefit yields a 0.66% annual return, far lower than recent projects (3.5% for 500 Main, 4.3% for 277 North). He urged the board to vote no.
- Paul Martin (55 Decatur Road) raised concerns about the fragility of net benefits (only $4.6 million despite $51 million in abatements) and the precedent of extending the PILOT to 25 years for minimal benefit. He recommended requiring enumerated community benefits and revisiting the schedule.
- Jackie Mills (Tulemkey Place) objected to the abatement, citing perceived unfairness to small homeowners and questioned the student generation projection of 18 students, calling it unrealistic.
- Michael Yellen (New RoAR) read testimony from a 2016 IDA meeting urging adoption of local hire, living wage, union jobs, and other equity policies. He stated he is "sick and tired" of waiting.
- Gina Curry (24 The Boulevard) questioned why New Rochelle accepts most developer projects while neighboring cities like Rye attract federal tenants without PILOTs. She later clarified she is deputy assessor in Rye and noted that the blood center there pays taxes.
Discussion Items
- Presentation by Kevin Grimms (Grow America): Detailed the $286 million development budget ($585,000 per unit), 575 construction jobs, and 8 permanent jobs. The 25-year PILOT begins with 90% abatement for 2 years, then 80% through year 10, phasing in to full taxes by year 25. Estimated PILOT revenue: $31.4 million over 25 years. Net public benefit estimated at $4.6 million, including $11 million in one-time fees and $11.5 million in affordable housing benefit. The project passes the school revenue neutrality test with an estimated 18 students and $538,000 in PILOT by year 3.
- Board member Miguel Singletary raised concerns about the developer's past local hire and union participation rates (0% to 10.4% on prior projects) relative to the 15% social equity program requirement for this project. He questioned how the developer would meet the target.
- Commissioner Adam Salgado explained that the 25-year term was chosen to achieve revenue neutrality sooner, with higher PILOT payments in early years compared to a shorter, deeper abatement. He noted staff is updating the student generation study with the school district.
- Developer representative (Jeff Lornoy, BRP) and counsel responded that on prior projects (10 Commerce and 500 Main), they achieved 28% and 25% UTEP compliance (combining local, MWBE, and union). They are engaging a consultant (Hire Tough Leaf) to improve local hire. The developer is an MWBE firm and emphasized partnership with the New Rochelle Forward workforce program.
- Board member Sheikh noted the progress made, including the social equity program, and stressed the cyclical benefits of funding community programs through development fees.
- Board member Howard Greenberg asked for examples of 25-year PILOTs in New Rochelle; staff cited affordable housing projects with 30-year terms and 500 Main (20% affordability) also at 25 years.
- Chair Rob supported the project, acknowledging the difficult financing environment and the developer's long-term commitment. He noted the importance of the corner location and the intangible benefits of continued development.
Key Outcomes
- Motion by Howard Greenberg to adopt the resolution authorizing the project, transaction documents, and financial assistance package (sales tax exemption, mortgage recording tax exemption, and 25-year PILOT). Seconded by Shane.
- Vote: Ayes – 5, Nays – 1 (Miguel Singletary opposed), Abstentions – 0. The motion passed.
- Next Steps: The IDA will schedule a UTEP board training on July 29, 2026, to discuss policy revisions, including workforce participation and community benefits.
Meeting Transcript
The meeting of the neuroshow uh IDA is now called to order. Uh can staff kindly please call the role. Good evening, yes. Balash Andran here. Ocean Loyer. Greenberg. Here. The landers out, Ayala. Here. Ianuzzi. Here. Singletary. Here. We're also joined by Adam Salgado, the Commissioner of Development, and the Executive Director of the IDA, Katrina Shivers, the IDA manager, Roshim Pankshe, the IDA consultant, and Adriana Barnello from Trans our Transaction Council from Harris Beach. Thank you. Thank you. Are there any announcements for us? No. No. I have one that I would say, and this is a little uh off pieced, but uh Miguel, my colleagues here, uh daughter graduated from uh the school today, so I want to say congratulations to you, give you a round of applause in her year or so high school. So going to uh the same school my son's going to Syracuse, so uh you know, keeping in New York State, but congratulations. I know that's not supposed to be part of the IDA agenda, but I think family and life is more important in some of the stuff protocol. Uh thank you for that. Uh everyone else, so now we're gonna move forward with the rest of the meeting. Um first on the agenda is the approval of the May 27th, 2026 minutes. Is there a motion to approve said minutes? So move. Second. Miguel and then uh Shane. Uh thank you. Uh all in favor? Aye. Aye. All opposed. Any negative uh abstentions? So it passes unanimously. Thank you. Uh the next item that we have uh gathered here this evening is for the BRP 466 Main Street LLC public hearing and authorization. Uh Adam, if you could give a few background descriptions about what's going on this evening, and I'd appreciate it. Sure. Thank you, Rob. The IDA received an application from BRP 466 Main Street LLC. The application proposes the construction of a mixed-use development consisting of 489 residential units, including 49 affordable units for households earning up to 70 percent of the area median income. The project also includes approximately 6,000 square feet of ground floor commercial space and a 448 space parking garage. On May 27, 2026, the IDA adopted a preliminary inducement resolution and authorized a public hearing for this project. The public hearing is being held this evening, after which the board may consider authorizing a future straight lease transaction. The resolution before the board would authorize the project and the related financial assistance package, including a sales tax and mortgage recording tax exemption and a 25-year pilot that deviates from the UTEP, which has been deemed necessary in order to advance the project without providing undue enrichment to the developer. The IDA's financial consultant Grow America, Kevin Grems, uh is here this evening and um and the IDA finance subcommittee have reviewed the proposed financial assistance package and support the request. The project is expected to create approximately 575 construction jobs, generate approximately 31.4 million dollars in pilot revenue over the 25-year term, and provide an estimated net benefit, uh net public benefit rather of approximately 4.6 million dollars. Kevin Grimms from Grow America will now present the details of the project and the proposed financial assistance project before we hold the public hearing.
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