THE WORLD READS WHITE PLAINS CITIZENETREPORTER — 8,324,077 VISITS IN ONE YEAR | 2,905,611 VISITORS VISIT 8,324,077 TIMES 3 TIMES EVERY DAY IN ONE YEAR. HIGHEST ACTIVITY IN WPCNR HISTORY.White PlainsCitizeNetReporter lifted its worldwide visits from unique visitors to wpcnr.com to 8,324,077,a 1,306,419 increase in visits in one year from 7,017,658 visits to the site last year which covers White Plains and Westchester County. The 8,324,077 visits were made by 2,005,611 unique visitors who visited wpcnr an average of 3 visits a day. ON JULY 20- -2026 visitors have accessed wpcnr and made 3,072 visits an average of 1.6 visits. In the last week 33,495 individual vistors made 54,458 visits, averaging 1.6 visits. In the last month, 152,940 visitors recorded 229,338 visits (1.5 visits)

Malmud : Affordable Housing Important. Not enough Contradictory Factors to Kill

Posted on August 8, 2008 by John Bailey

WPCNR COMMON COUNCIL-CHRONICLE EXAMINER. August 8, 2008: Councilperson Rita Malmud issued this statement to the WPCNR newsroom moments ago on the 6-0 approval of the LCOR Phase 1 Phase II splitting of the 536-unit, now 566-unit apartment complex with 107 units of affordable housing this morning:

Councilperson Rita Malmud Monday evening at City Common Council.

In response to WPCNR’s question “Why did you vote in favor of the amended contract with LCOR?”

Just over a year ago the Common Council made a policy decision to sell public land near the railroad tracks to LCOR to build residential housing and to secondarily facilitate a small amount of retail and office space and a hotel. Having made this decision, it is wise to complete the decision since there are no contradictory new factors to persuade us to change our policy.

Because there is a new factor (but not contradictory) of tight financial lending, it was necessary to make adjustments to the original contract while preserving the important aspects to the City (creation of large numbers of affordable housing and revenue from the sale of the land).

The Common Council did ask for and receive adjustments to LCOR’s original proposed amendment to the contract. As a result, the City

(1) will be receiving interest on the delayed large payments to us and

(2) severed City commitment to the height of a 13-story garage in the preliminary site plans.

Power: Immediacy of Hotel Signing (Promised in 5 Months) Shelved Table Decision

Posted on August 8, 2008 by John Bailey

WPCNR COMMON COUNCIL-CHRONICLE EXAMINER. By John F. Bailey August 8, 2008: Dennis Power, the Councilman said after the first part of this morning’s meeting in which LCOR’s plan to break the 55 Bank Street 566-unit apartment complex — with 107 units of affordable housing –into two phases he had made a motion to table the matter until Monday, and during a recess after he made the motion, he had discussions with several other councilpersons and the Corporation Counsel, Edward Dunphy, and based on those discussions “I made a decision favorable to the project, and when we resumed I removed the tabling motion because I felt I had sufficient answers during our session.”

Councilman Dennis Power said the session Friday morning clarified his concerns about 70% of the project revenue stream was coming from the hotel to come later plus the new 30 units of apartments the project can now build because the office space had been removed from the plans.

Power said the developers at the meeting said they were having discussions with hoteliers, one in particular very close to coming on board.

The Councilman disclosed that one aspect that changed his mind was that as part of the hotel land deed, if LCOR does not put a hotel on the site by 2011, “the land deed is in default, and the city can put that out for replacement.” “It behooves them, “ Power said “ to be getting this in motion.”

He said that Councilperson Milagros Lecuona made this very clear to the developers.

Power also reports the developers as saying that would have a hotel within five months (when the new site plan is due on the project based on the preliminary plans presented thus far. Power told WPCNR this made sense because the hotel partner would need to put their input into how the garage, (that the hotel would share) would work. “That (5-month window) would make sense, “ Power said “because the hotel is so intimately into the mix.”

Power complimented former Mayor Alfred Del Vecchio speaking at the public hearing Monday evening for focusing council attention on the height of the garage planned for the site (13 stories). “He (Del Vecchio brought to the table and to the forefront that we needed to do something to protect ourselves. He said the amendment, briefly described by Mr. Hockley in a separate WPCNR interview this afternoon, “calls for a no 13-story type garage, and makes the garage design completely in control of making decisions on garage structures.”

Power said LCOR would pay the delayed $5 Million June 30 payment (currently escrowed by LCOR pending resolution of the Phase I & Phase II construction & financing request approved today) would be paid between September 15 and September 30, 53 days from now. There was no explanation asked for as to why LCOR could not pay the $5 million (plus interest) to the city immediately now that the new deal was passed.

Councilpersons Rita Malmud and Thomas Roach were called for comment and as of yet have not returned calls to the WPCNR News Center.

The Mayor’s Office was called for a statement on the approval of the project the Mayor’s team had been pushing for LCOR for about 15 months, but as yet have not returned calls. No other developer was invited in to bid on the project by the Mayor’s Office because at the time, the city felt they were comfortable working with LCOR and they could be depended upon them.

LCOR Plan/Financials Roll, 6-0–$50 Million Tax Abate A-OK’d. Site Plans Next

Posted on August 8, 2008 by John Bailey

WPCNR COMMON COUNCIL CHRONICLE-EXAMINER. August 8, 2008 UPDATED 10:05 PM EDT: The Common Council at a special meeting lasting over two hours today from 8 A.M., approved the 55 Bank Street LCOR 80-20 Affordable Housing apartment Phase I and Phase II construction and financial plan today 6-0, with Councilman Benjamin Boykin absent. The first look at a new site plan is expected in 12 weeks or so, Councilman Glen Hockley said, who proved correct in handicapping the sentiments of the Council last night.

Councilman Glen Hockley speaking to WPCNR today said “It was touch and go for awhile. Two councilpersons wanted to table it, but after a while all questions were answered and we are moving forward.”

He told WPCNR that the Fisher Hill and Battle Hill Associations were not in favor of the 13 story parking garage, and neither was he. He said an amendment was added to the agreement approved today separating the parking garage site plan from the site plan for the residential/retail part of the complex so the two site plans would be considered separately.

Hockley said LCOR would pay the $5 Million it owes the city for the land towards the middle or the end of September, which it has withheld from the city since June 30, holding it in escrow.

Hockley said he had introduced Caral Greenblatt of the Fisher Hill Association to Peter Gilpatric of LCORE, and said it was important that LCOR work closely with both neighborhoods on the design of the garage and the apartment complex and consider their concerns. “They don’t want to be walled in,” Hockley said.

PILOT for Hotel Might Come Up, Not Ruled Out.

Hockley said LCOR revealed they were in talks with a hotel which they were going to see today, but had postponed it until next week. During the meeting, Hockley said the fact came out that the Ritz Carlton hotel was 100% occupied, and LCOR took this to mean hotel business is good in White Plains and the project was viable. Hockley said, “It (the hotel possibility) sounds a lot more solid than it did.”

LCOR has promised before to build a mythical hotel on the original Bank Street Commons for about eight years, frequently saying they were in talks. Some of the Council this morning, according to Jim Benerofe reporting on WHITE PLAINS WEEK today questioned how real the $28,000,000 in property taxes the long-promised hotel is in figuring the return on the project to the city in light of the $50 Million in tax abatement over 24 years of the project.

The Ritz-Carlton figure of 100% occupancy was given out at the meeting, Benerofe also said.

Asked if LCOR indicated they would require a PILOT (Payment In Lieu of Taxes) on any hotel project from the city in addition to the $50 Million (over the next 24 years) they received as of this morning’s vote, Hockley said “The indication I got was only that the hotel is on. I imagine that (a PILOT agreement) will come up.”

Paul Wood, the Mayor’s Executive Officer told WPCNR Friday evening that this would not happen because hotels in New York are not permitted to receive Payments In Lieu of Taxes arrangements.

“I’m very pleased we were able to move this along,” Hockley said.

County Reviews Budget Position Quarterly. Tolchin Follows Up.

Posted on August 7, 2008 by John Bailey

WPCNR COUNTY CLARION-LEDGER. August 7, 2008: Late Thursday afternoon Susan Tolchin, speaking for County Executive Andy Spano, issued this statement detailing how the county is going about monitoring the mounting shortfall in county revenues in mortgage tax and sales tax she confirmed Wednesday. Tolchin, asked about whether departments had given specific targets for lowering spending the rest of the year described the county cost corralling procedure in a little more detail:

Each department is working with our Budget Department to determine where savings will come from. We review the budget on a quarterly basis based on the revenues that come in for that quarter and take actions as needed so our budget is always balanced. In addition we have other policies in effect to save tax dollars which involve (among other things) lowering our utility bills, eliminating certain communications and printing equipment and policies to reduce car use for business travel.