Rye Manor to Go 'Green,' Thanks to County Funding

The county’s Industrial Development Agency (IDA) approved a resolution that will provide Rye Manor LLC $12 million in tax-exempt bond financing to renovate Rye Manor, County Executive Robert P. Astorino announced late last week. The project will create 75 construction jobs and utilize “Green Building” technologies to improve energy efficiency at the 100-unit senior housing complex located at 300 Theall Avenue in the City of Rye. 

 “Rye Manor’s $23 million plan will provide healthier and safer homes for Westchester seniors, preserve affordable housing for those who need it most, while at the same time we are doing our part to help the environment,” said Astorino.

There is no financial risk to county taxpayers. Construction will begin in November and the project is expected to take no more than one year. The modernization will be made with residents in place, so that no one will be forced to relocate or pay higher rent as a result of it.

“We simply would not have been able to get this project moving without the IDA financing. Thanks to the Astorino team guiding us through this process, we will now be able to help a lot of seniors live in healthy, safe and energy efficient homes,” said John Madeo, Rye Manor’s executive vice president.

Before the IDA board voted to approve this landmark project, Madeo presented the project to the IDA board and shared the scope of the plan. The renovation work is designed to address the long-term durability of the major building systems such as the boiler, windows, and façade. It will also include substantial electric work and upgrades. The rehabilitation will help maintain the four-story building as a quality affordable housing resource for years to come.

Some of the “Green Building” measures outlined in Rye Manor’s plan include:

·      Replacement of light fixtures throughout the building, including all apartments, with Energy Star rated fixtures

·      Replacement of all existing sliding windows with new low-E, argon gas-filled, dual glazed, double-hung units

·      Replacement of the building’s main boilers with the efficiency, Energy Star rated equipment

·      Installation of a new Energy Star rated trash compactor

·      Replacement of refrigerators and stoves in all apartments with new Energy Star rated appliances

·      Replacement of all roof-top kitchen and bathroom exhaust fans with Energy Star rated fans.

It was one of two housing-related projects the IDA considered. In a separate vote, it approved a resolution to provide Marathon Development Group $12 million in tax-exempt bond financing to renovate a 99-unit affordable housing complex for families located in White Plains. The total cost of this project is $17.3 million and will also utilize “Green Building” technology.

Also last week, Astorino announced that the county’s Local Development Corporation (LDC), an organization similar to the IDA, approved a resolution that will give White Plains Hospital access to $108 million in tax-exempt bond financing to construct a six-story patient care building, five new operating rooms and an expanded outpatient radiology center. The project will create about 75 full-time, high-wage construction jobs and save the hospital nearly $3 million over the next 30 years. With the White Plains Hospital project, the LDC will have issued $246,425,000 in tax-exempt bonds to Westchester non-profits this year and created 774 jobs.

The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs.

The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county. The obligation for repaying the debt rests solely with the organizations.