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.
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.