Nonprofits Will Get Incentives From Port Chester

PORT CHESTER, N.Y. – Port Chester nonprofits can expect to receive economic development incentives through a new agency created by the village Board of Trustees at its Tuesday meeting.  

“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,” said Joe Kenner, Port Chester trustee, in a prepared statement. “Moreover, as we look to development projects like a parking deck, the LDC [Local Development Corporation] can be a valuable financing mechanism that addresses a key village need.” 

The board voted 5-0 to form the LDC that will be able to issue tax-free bonds and other financial incentives to nonprofits. The LDC will also finance other development projects within the village that promote economic development.

Mayor Dennis Pilla said the agency’s formation was another “quiver in our economic tool kit that will promote economic development and help foster an environment that says Port Chester is serious supporting projects we believe are beneficial to residents, business and non-profits within the village.”

The January 2008 expiration of a state law provision that once allowed industrial development agencies to provide financial assistance to nonprofit entities prompted members of the Port Chester Industrial Development Agency to recommend the creation of the LDC to the Village Board.

Key projects assisted by the development agency include Restaurant Depot’s $22 million project on South Regent Street and the recently re-open Capitol Theatre, a $2.2 million renovation on Westchester Avenue. 

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