Port Chester has created a new local agency to help non-profit groups and agencies obtain financing for development projects in the village.
The new local development corporation is designed to promote economic development and fills a void created when a state law allowing the Port Chester Industrial Development Agency to work with non-profits expired. Without that state authorization, agencies like the Port Chester IDA can no longer help non-profit organizations issue tax-fee bonds and take advantage of other financial incdentives.
Creation of the agency was approved 5-0 by the Port Chester Board of Trustees. While the local development corporation is in-name separate from the Port Chester IDA, Trustee Joe Kenner said the board of directors of the new agency will be the same as the IDA.
Kenner and Port Chester Mayor Dennis Pilla both serve on the board of the Port Chester IDA.
Trustee Bart Didden said he believes the new agency will be a good thing for the village and future development.
'A New Tool'
In introducing the measure to create the new local development corporation, Kenner said there will be two key benefits to Port Chester from the new agency.
“Whether you are Don Bosco, Clay Art Center or the Carver Center, we now have a tool to provide low interest financing for your capital projects that enhance the quality of life for our residents," Kenner said. "Moreover, as we look to development projects like a parking deck, the LDC can be a valuable financing mechanism that addresses a key village need.”
Kenner is also vice chairman of the Port Chester IDA. That agency most recently helped a local business by assisting the in the this year that culminated in the re-opening of the landmark Port Chester music venue on Westchester Avenue on Tuesday — when American music icon headlined the first of more than 40 shows coming to the .
Mayor Pilla said the new local development corporation is another tool that will help the village promote economic development and create new jobs.
"Here is just another way for us to promote and enhance employment opportunities," Pilla said, noting the corporation's creation will "help foster an environment that says Port Chester is serious supporting projects we believe are beneficial to residents, businesses and non-profits within the village."
Port Chester IDA Chairman Neil Pagano said creation of the new local development corporation helps support the overall mission of the Port Chester Industrial Development Agency.
"The creation of the LDC will not detract from the efforts of the IDA, but will actually compliment how we are trying to promote economic growth in Port Chester by assisting both the for-profit and non-profit sectors, while at the same advancing other projects critical to revitalizing our downtown,” Pagano said.