WHITE PLAINS CITIZENETREPORTER SETS RECORD VISITS FOR YEAR 7,017,658 VISITS! 2,098,003 VISITORS MADE 6 VISITS A DAY EVERY DAY. 63,330 UNIQUE VISITORS MADE 133,730 VISITS IN DECEMBER. WPCNR AVERAGED 17,284 VISITORS A WEEK, VISITING 31,270 TIMES.

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WPCNR QUILL & EYESHADE. By John F. Bailey. August 6, 2008 UPDATED 12:30 A.M. With Financials  Updated with Financials Clarification August 7, 2008: LCOR, developer of the financially high and dry 55 Bank Street 80-20 affordable housing project will get $50.5 Million in tax abatements in their new 55 Bank Street deal with the city expected to be approved Friday morning.

 

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LCOR presenting their preliminary site plan for the new 55 Bank Street Two Phase Affordable Housing and market rate complex  Monday evening. The Council delayed approval pending receiving written financials. Tuesday evening they arrived. The media received copies Wednesday.

The $50.5 Million in tax abatement is $31 Million more in tax relief over the 24-year life of the project more the $29 Million in tax abatement it would have received on the original  One-Phase two tower 55 Bank project  the developer said was unable to be financed in today’s credit climate. 

In an explanation for this today from city hall, it turns out that the original figures for the previous project, that consisted of $42.7 Million in total taxes and revenues were based on 75 affordable units and not the 107, and going out 18 years, instead of the current 24 years under consideration. A fact that was noted until it appeared in the financials Tuesday evening and was easy to miss.

This explains part of the escalation of the abatement.

 One, the agreement goes out 24 years, not 18. 2.) Revenues were estimated as $42.7 earlier, and a lower rate of return was used. 3.) There were 32 less affordable units in the first two-tower project.

The tax abatement on that first agreement was figured at $29 Million which brought the value of that configuration to $71.7 Million over 18 years at less units. Six more years of inflation are added at 4.5% a year raising the abatement to $36,000,000, and you have to compute the extra amount of cost on 32 more units as $14 Million in change to make up the rest of the abatement. All becomes clear.

However the project has always been publicly talked of  as a 107 affordable unit project with 536 units. Confusion on the financials city hall said today was that the number o affordable units had changed considerably, and 75 had been the working figure during discussions.

This was stated in the financials to the Westchester Industrial Development Agency that signed off on the original project that would receive $29 Million in tax abatement, which we learned in the new financials was based on 75 units.

The total tax abatement on the LCOR rental/affordable housing experiment on bank Street will cost the city $50.5 Million in taxes for 107 affordable housing units over the life of the PILOT ending in 2033

 

Former White Plains Mayor Alfred Del Vecchio  said the financials as described at the meeting were not too clear and urged the Common Council to get a copy in writing before approving the agreement. The Council postponed the vote on approval of 55 Bank as a Two Phase project with a $50.5 Million tax abatement until Friday morning, pending the financial details.

$5 Million to Come.

LCOR is currently holding in escrow with interest the $5 Million in the second payment on the property where the project is to be built, which they apparently say will be paid in late September (three months late). No explanation has been given why the payment was delayed to date.

The 5-page financial shows that by breaking up the 55 Bank Street project into two phases, LCOR, the developer will save $50.5 Million in property taxes over the next 25 years, about $2.25 Million a year, while the city, school district and county will receive $51,726,925 in taxes out of an estimated full property tax estimate of $102,240,681.

 

The city anticipates $51.7 Million in taxes (Payments In Lieu of Taxes) to the city, school and county  taxes according to the  financials report. 

The Commissioner of Planning explained today that the abatement is based providing property tax relief that would give the developer back an equivalent return on the money it costs them to build the affordable housing units in today’s dollars if it was invested for the 24 year period elsewhere. The Commissioner, Susan Habel,  said this abatement makes the project more attractive to lenders for the project that is having problems financing in the present market.

“Phantom Hotel” Funds Half the Tax Payments

The “tax profit” comes from from anticipated revenues making up the abatement from the as-yet unsigned hotel project ( taxes from the hotel are estimated as $28 Million, presuming the hotel is built), $1,000,000 in full tax on retail, $5.7 Million on additional market rate units  and $8.8 Million in the parking fee to the city, and the full tax on the land

The “Preliminary Site Plan” which has gone from a design layout two weeks ago to being described as a mass blocking plan, with an official site plan to come later after approval of the Two Phase Deal and new tandem PILOT agreements on Friday’s agenda. An official site plan would be due in January 2009 if it were to be approved by the Council Friday morning.

LCOR has consistently refused to name the hoteliers they have been close to a deal with for months, and the Common Council has failed to ask whom the developer is negotiating with on the hotel and how real the negotiation talk is to being consummated.

Timing

The New Deal taxes LCOR on the full value of the land beginning from Year 1 over 24 years through 2033 when the properties become fully taxable realizing $28.6 Million in taxes.

The city projects the full amount of Payments In Lieu of Taxes for the full 24 years as $51.7 Million plus $43.4 Million in other revenues over the 24 years as $95.2 Million. If you deduct the total tax abatement of $50.5 million, the city, school and county realizes $45 Million in taxes over 24 years, or $2 Million a year in taxes for the entire two phases if built.

Completion

Readers should note that Phase I – reported to consist of  construction of the first building and partial construction of the garage providing parking for all rental units in the first phase, and parking for the hotel and some retail,  is scheduled to begin in 2011, and be completed in 2013, and will return to full value on the tax rolls by 2028, when this reporter will be 83 years old.

Phase II construction, consisting of the rest of the garage and the other two residential buildings according to the site plan increases to full tax equivalent 2029 to 2032, at which time this reporter will be 87 years old. 

The Old Deal

The previous 536-unit  55 Bank Street Deal agreed to on approval in 2007, was to cover 18 years and  the 107 units created $22 Million in taxes from the Residential component and anticipated $20.8 Million in taxes and revenues from other sources for a total of $42.8 Million in taxes through 2025.

 The total value of the tax abatement of that deal was $29 Million, according  the city calculation, leaving a tax “profit” of  $13 Million for city, school and county.

This indicates the city makes an additional $32 Million in tax payments. ( That is computed by taking the $45 Million tax handle in PILOT payments under two phases, subtracting $13 Million in tax profit after abatement is subtracted from the one phase project) with the two phase project.

Assumptions 6.6% Increase In Tax Rate a Year Lifts abatements.

The financials assume a property tax  rate increase of 6.6% per annum. This is based on the Average Annual Property Tax Rate Increases of 4.1% for the City, 8.1% for the School District and 5.29% for Westchester County over the last fifteen years.

Take the first year the  PILOT kicks in on Phase I  scheduled for 2014.

LCOR pays PILOTS beginning when a Building Permit is taken out  in 2011.

In that first year of the Phase 1 Project they pay $290,725 in a PILOT payment when they take out the Building Permit/ which is equivalent to the full taxes on the land. When they occupy the building three years later in 2014, a tax abatement of $1,115,211 is deducted from the full tax payment of $1,467,382 for that building, creating a PILOT payment of $352,171. The Abatements rise until 2024, when the rise at 20% a year to come up to a full tax payment of $3,827,377 in 2029. You will note the same occurs for the Phase 2 Project only it reaches full tax payment in 2032.

Each year out to 2024, the amount of abatement increases against the Full Tax. In 2024 the abatement amount starts to decrease at the rate of 20% to bring the Phase I building up to full tax.

The financials did not make clear whether inflation factors other than those assumed in the 6.6% property tax increase annually over 24 years  were used for city, county, and school expenses were filtered into the calculations.

$471,000 Cost per Unit of Affordable Housing Beats

 median price of a Westchester Condo: $400,000.

 

The tax abatement sets a high watermark in the cost of building one affordable housing unit: $471,963 based on lost tax revenue for each of the 107 “affordable housing” units LCOR will make available (half to be completed in Phase I  by 2014 and the other half in Phase II by 2018). 

Previously affordable housing unit costs built within the last five years in White Plains ranged from $285,000 per unit when first proposed (which included a $848,497 city grant out of the housing fund)  for the 42-unit Kensico Terrace to $335,000 a unit  for the 17 Horton’s Mill townhouses, (including a $327,474 city grant) based on cost of the entire project.

The Commissioner of Planning said today that Kensico Terrace now pays $265 a unit (42) in taxes.

 This means it will take Kensico 76 years to pay back the city grant (in cheaper dollars).

Horton’s Mill pays $532 a unit according to the Commissioner on 17 units.

It will take Horton’s Mill 36 years to pay back the city their grant in taxes in cheaper dollars.

The cost per unit in the 55 Bank Street project is put by the city as being $221,000 to construct each affordable unit (107) in 2008 dollars.

However, if you consider the total tax abatement on the project to create the 107 affordable units ($50.5 million)  the cost per unit put another way – another way of looking at the number –is $472,000 per unit, though the Commissioner of Planning said Thursday that is not the way to look at, saying that the abatement makes the project more attractive to potential lenders.

The city could take that $471,000 per unit and purchase condominiums on today’s market to fill affordable housing “gaps.”

Developer Perks

The developer appears to make a $251,000 tax savings “profit”  on every affordable unit.

 By the time one of the buildings is opened in this new deal,  the tax savings is enhanced by ten years of the inflation effect devaluing the tax dollars they will pay with the next 24 years. The developer appears to get a nice tax dividend: they are spared paying the inflated tax payments brought about by inflation, by paying with dollars of lesser value.

Not only that but the rent on affordable units can go up according to inflation, perhaps turning a profit on the affordable by the time they open if the city allows.

Money

According to the financials, the city would receive $26,944,000 over the 24 years in taxes, the County, $16,416,000, and the school district $51,840,000 in taxes.

The Complete financials:

 

 

 

 

 

 

 

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WPCNR QUILL & EYESHADE. By John F. Bailey. August 5, 2008: The New York State Department of Taxation & Finance reports to WPCNR Wednesday that Westchester County is $3-1/2 Million off its pace for a $473.5 Million sales tax goal midway through the year. The Westchester County Clerk reports County Mortgage Taxes are down 33%, reflecting the 27% dip in housing sales in Westchester County the first six months of the year.

White Plains is Number Two in Sales Tax the first six months of 2008, despite Yonkers having a higher tax rate plus an additional 1%. The Final Quarter of April, May, June figure for White Plains of $11,485,331 was only $355,954 below the Oct-Nov-Dec. holiday period of 2007. Source, New York State Department of Taxation  and Finance. 

The county  has received $235.4 Million in the first six months of 2008 from the state – currently  a little less than 1% off expected sales tax collections of $473.5 Million, indicating a possible $3 Million shortfall in the county budgeted sales tax at this time.  Total shortfall  in sales tax and mortgage tax on the county level at this time, according to the State Department of Budget and Finance: $9 Million.

The Mortgage Tax Dwindles 33%

In light of State Budget Director Laura Anglin’s gloomy prognostications last week, the county may not collect what they expect in sales taxes, and with housing sales off 26.7% % in the first two quarters of this year, mortgage taxes may not make the $28 Million expected in the County budget.

According to housing statistics released by the Westchester-Putnam Multiple Listing Service two weeks ago, housing sales in Westchester County declined 26.7% in the first half of 2008 to 999 sales from 1,363 in the first half of 2007.  There are 4,616 homes on the market as of two weeks ago as opposed to 4,173 the same time last year.  Sales of Condominiums were off 15%; Coops, 23% down, and 2 to 4 family homes down the most, 31% off from a year ago.

County Clerk Troubled

County Clerk Timothy Idoni told WPCNR today the county mortgage tax collection the first six months of this year is down 33%. He said he projects the county to collect $23 Million for the year, and is hopeful for a pickup in sales. The county projected in their 2008 budget to collect $28.7 Million in Mortgage Taxes, indicating the county between the sales tax collection pace and the mortgage tax is running about $12 Million behind on the revenue side on a county budget of $1.778 Billion.

 

White Plains Robust Despite lower sales tax rate.

White Plains  received $22, 703,297 in sales tax receipts the first six months from the state through July 21  –  twice as much sales tax booty as Mt. Vernon and New Rochelle, and $9 Million less than Yonkers.

 Yonkers  received $31.7 Million in sales tax receipts, (thanks to Yonkers enjoying an extra 1% city sales tax – according to the Department of Taxation and Finance– that is not subject to preemption by the county.)

 

 New Rochelle received $13 Million in sales tax receipts back from the state the first six months of 2008 and Mount Vernon $9.1 Million. If you remove the Yonkers extra 1%, White Plains beats Yonkers head to head $22.7 Million to $19M, even with Yonkers collecting ¼ per cent more sales tax at its 8.375%  to White Plains 8.125%.  White Plains had requested to be put on a par with Yonkers sales tax, but this was rejected by city Democrats, who opted only for a ¼% increase in the city sales tax. Now in light of the present budget crisis any increase in White Plains sales tax may not be in the cards.

Soft Sales Tax Statewide.

Statewide, the New York State Department of Taxatation and Finance reports New York state counties received $3.285 Billion back from New York State the first six months of 2008, as opposed to $3.165 Billion the first six months of 2007, an increase in county sales taxes statewide of  4% which is the current 4.2% inflation rate statewide, according to last week’s report by the State Budget Director.

The Department of Taxation and Finance reports that in the first quarter of the state fiscal year the state collected $5.9 Billion in sales tax. The state kept $2.7 Billion and returned the balance to counties and municipalities.

The $2.7 Billion projects out to a state take for 2008-2009 of  $11 Billion in sales tax meaning that the projection for 08-09 after one quarter – according to the Department of the Budget is behind depending of course on how successful the holiday season turns out to be. The Department of Budget projects a sales tax collection for all of 08-09 of $14.6 Billion.

If the state sales tax numbers continue on the present soft pace without the expected kick from the holiday season, the state would collect $11 Billion, leaving a $3.6 Billion shortfall in sales tax revenue alone. But that is only if the holiday season does not supply its usual impact.

The Budget Director, Laura Anglin painted a grim picture last Wednesday  on revenues, which can be seen in their entirety on the Department of the Budget website: http://www.budget.state.ny.us/pubs/enacted/0809_q1_summary/0809FirstQuarterUpdateFinal.pdf

Since Albany legislators have indicated by public comments that they feel this is too soon to evaluate revenue trends and indicative of an early panic on the part of the Governor and Budget Director, it is instructive to examine what their news conference showed, which no other media has reported in depth. The slides below are provided by the state on the above website.

They indicate why Westchester County might expect that more than sales taxes and mortgage tax revenues will be effected in the last five months of the county fiscal year.

·          Falling corporate profits are expected to be off $510 Million this year. New York’s Top Sixteen Banks paid $173 Million in business taxes last year in the First Quarter. This year, they paid $5 Million a decline of 97%

 

 

·         In Sales/Use Taxes, the Budget Director predicted a $161 Million shortfall based on “weaker tax collections than estimated, an adjustment to motor vehicle fees (presumably lower auto  sales)”

 

 

·         Tax Base Growth expected to be 2.6% in 2008-09 is now expected to be 1.6% after First Quarter Figures are in. The Tax Base growth the last two years enabled the state “to solve its budget problems without making hard choices.”

 

 

 

·         Stall in Tax Base Growth has created a Spending Gap the next two fiscal years. Spending is on pace for an 11% growth in 2009-10, while Tax Base is projected to grow just 2%. In 2010-11, spending grows another 8.9% while revenue grows only 4.2%. This is not good.

 

 

·         The total deficit, the Budget Director anticipates is $26.2 Billion through 2011-2012.

 

 

·         13,700 mortgage loans entered the foreclosure process in the first quarter of 2008

 

 

·         As of a month ago 2.2% of mortgages (45,000 owners) were in foreclosure in New York, and increase of 25,000 homeowners in one year.

 

·         The Budget Director noted Wall Street troubles are going to cost the state major revenue for the following reasons

 

 

·         20% of state revenue comes from Wall Street, and the New York Securities Industry has reported 22.8 Billion in losses in the first half of 2008 – read “write-offs.”

 

·         Wall Street is in worse shape than it was in the months following the Trade Center Attack in 2001. In the three quarters following 9/11, the securities industry posted profits. In 2008, however in the first three months of 2008, Wall Street has lost $4 Billion, $16 Billion and $22 Billion.

 

 

·         Wall Street Bonuses will decline this year for the first time since 2002-2003. The last three years Wall Street Bonuse growth averaged 27.6%. The growth will not be there this year to help the state out. Anglin notes “the projected decline in 2009 Wall Street bonuses nearly doubled since (2008) Enacted Budget forecast.” The budget figured an 11.1% decline, instead bonuses appear to be a 20.5% decline

 

 

·         Capital Gains as a revenue steroid are expected to decline 24%. In the last five years capital gains grew 37% annually in 2003,04,05,06, and 07.

 

 

 

 

Westchester County  Executive Andrew Spano  was on vacation last week. The Westchester Department of Communications was asked for a statement on the effect of the state revenue predictions and whether or not county was going to attempt to rein in spending the last five months of the year.  Mr. Spano has not  issued any statement on Governor David A. Patterson’s  and Budget Director Anglin’s dire report on the state revenues last week and their ultimate effect on county spending, at this time.

 

 

 

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WPCNR THE SUNDAY BAILEY. News Comment By John F. Bailey. August 3, 2008: Those slash and burn charts provided by State Budget Director Laura Anglin in Governor David A. Patterson’s Wednesday news conference  show such a dire prediction for the state’s finances that the newspapers of record chose not to reprint any – another example of “legitimate” media “with superior news judgment supposedly” covering up the big picture of state leadership incompetence.(You can see some of the charts on White Plains Week, our internet telecast at www.whiteplainsweek.com.  Or see the complete presentation at the Department of Budget website.

To the gambling industry Ms. Anglin’s charts are the long-awaited opportunity to create Sodoms and Gomorrah gambling meccas in the far corners of the state.

Think of “Anything Goes Gambling” at Lake Placid (“The Peaks”). Glimmerglass Casino in the Finger Lakes, Fire Island Flames Club on Fire Island, or Manhattan Waters at Battery Park or on the East River. 

Gambling’s  instant ability to suck cash willingly out of taxpayers,  demonstrated most notably at Empire City in Yonkers  may be the fix for the Crash of 08.  It is far easier for our crafty legislators to legalize gambling across the state than to cut spending or raise our taxes, or pass higher commerical property tax rates. They could cut the STAR exemptions again like they did last year without telling us (and neither did “the media,” folks.).They have already demonstrated willingness to slash STAR.

But, wait….here’s an idea. If I’m a legislator, I have to have a gimmick.

The state now needs  gambling, thanks to fifty years of  looting by the legislature.  

The legislators need gambling to avert the necessity of cutbacks in their profligate spending and appalling proliferation of state departments with layers and layers of incompetents, hacks, hangers-on and overpaid bureaucrats — and to keep feeding the bloated school district big spenders.

The precipitous decline of Wall Street bonuses, the wipe out of capital gains charts, worse Wall Street losses than 9-11 are the excuses, as well as the drop in state pension values and high cost of travel provide the excuse to cut major deals with the gambling interests.

“Anything Goes” Casino gambling is  an “Everybody Wins” solution. You can keep up the bloated aid to education. You can increase medicaid payments, fund the out of control pensions.

The success of Empire City in Yonkers has lead to the first of such proliferations in the Catskills – the Empire Resorts-Cappelli Enterprises partnership in reviving the Concord resort, and building a raceway there. This will be the model of many more to come.

Think of how lucrative a casino in Long Island would be on Fire Island, you could call it the Fire Island Flames  – build a hotel  and convention center and you’d draw thousands every weekend from populous Nassau and Suffolk counties — the beginning of Miami Beach on Long Island.

Upstate? Sleepy Lake Placid with a casino on the lake up there would be an ideal draw from Canada, Vermont, and Albany.  Or how about on Lake Champlaign on the New York side? Or how about Manhattan itself  or on City Island – or on one of the virtually unused islands between the Triborough Bridge and the Throgs Neck Bridge. You might even want to turn the bridge tolls into combination toll machines and slot machines – and that is not a joke.

Just this morning, the Times did a story on Steve Wynn, the casino magnate, just finished building a $2.3 Billion casino in Las Vegas. The story makes a point of saying how Las Vegas is hurting somewhat from the downturn.

There is plenty of investment money around from foreign sources to fund these New York goldmines.

The New York State Legislature has already shown the direction that will allow them to continue the decadent New York State Government spending style. Today it’s video gaming terminals, tomorrow it may very well be full-tilt casinos.

I tell you one thing – wide opening gambling in New York will shut down gambling trade shuttling to Vegas and Atlantic City and Connecticut. People could gamble on their lunch hour in Manhattan.

There are millions in New York who buy lottery tickets every day – a response decades ago to the state’s need for money “for education.” They believe in something for nothing. You’ve got a built-in sucker market here.

If I were the state I’d plop three casinos in the New York area: Manhattan, Long Island and Westchester County. You already have one building in the Catskills. Add one in Saratoga Springs or Lake Placid for the northeast and one in the fingerlakes region to attract the Pennsylvania, northeast Ohio market.

Of course, I am not advocating this. I am just thinking the way a legislator thinks.

Along with the casinos comes the ancillary industries of parasites, but casinos provide jobs in regions that have none.  They bring convention centers. They create businesses in regions that need them without huge investment by the state. But most of all they bring legislators’ money you otherwise would not see into state coffers.

In White Plains, casino on Silver Lake would be an excellent thing to get that hideous swamp cleaned up, Silver Lake Casino would be a great idea, don’t you think? Just smell the sales tax, folks!

Or better yet – how about a casino at the Ritz in Tower Two or at 42? Or at those anemicly-assessed, starving properties along Mamaroneck Avenue in “assessment decline?” Certainly would add to the handle on the Mamaroneck Avenue “strip.”

“Anything Goes” Casino gambling in New York would bring in a new era of new bureaucracies (and more hack jobs) in New York for the legislators to hand out. The New York State Hotel & Entertainment Enterprise Commission – that would be good for about 10,000 jobs don’t you think? A New York State Casino Security Force.  

“Anything Goes” Casino Gambling is the easy fix. And, as we all know, legislators in New York always do the easy fix. And, I am trying to think like a legislator does, how can I keep things as they are, increase contributions to my compaign funds, reward my key lobbyist groups, spend more money, and not raise taxes.

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WPCNR CAMPAIGN 2008. July 31, 2008: In response to WPCNR’s invitation to clarify her position on the Governor’s property tax cap proposal, Assemblywoman Amy Paulin of the 88th Assembly District  released a statement to WPCNR late this afternoon, saying she opposes the property tax cap and supports a circuit breaker bill she has sponsored, instead. Her exclusive statement to WPNCR:

Paulin on her Circuit Breaker Bill.

Reducing the tax burden on property owners is a very high priority. At  this time, I believe the Circuit Breaker bill, of which I am a  co-sponsor (A.01575B) is a better approach to take to mitigate the burden of high property taxes. Currently, my school districts get between 5% to18% of their aid from the state. If the state would assume a higher burden such as some of the high fixed costs such as healthcare and pension contributions, and reduce the number of state mandates, then I could support a tax cap proposal. 

Right now, if we imposed a cap, school districts would be forced to fire teachers, increase class size, eliminate courses and cut back on technology and other resource materials.  In all honesty, I cannot support such a bill  unless the state takes some of the financial burden off the school districts.

Westchester school districts deserve to have our best thinking on this very important issue.   

As far as cuts to the current budget I am waiting to see what the
governor proposes.

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WPCNR CAMPAIGN 2008.  July 31, 2008.  Incumbent Assemblyperson Amy Paulin of the 88th District today responded to her opponent for the 88^th Assembly District seat, White Plains Anthony Pilla’s news release today accusing Ms. Paulin of  having “rejected what 74% of New Yorkers want (a property tax cap proposed by Governor David Patterson).”

Assemblywoman Amy Paulin of the 88th

Ms. Paulin released this statement when WPCNR asked her if she supported the Governor’s property tax cap in principle and the Governor’s call to cut the current 2008-09 budget now:  

“In response to your call, I feel it is inappropriate to play politics with such a serious matter.  I will continue to be an independent voice fighting for the people I represent as our economy weakens.”

WPCNR has given Ms. Paulin an opportunity to make a more detailed statement on where she stands on the Governor’s  property tax cap and whether she agrees or feels the need to trim spending in the current 2008-2009 budget and how. WPCNR awaits that response.

Anthony Pilla of White Plains

Pilla’s news release stated “it is time for Amy Paulin to either stand up for her constituents or to step down. Today (July 30), the Governor (Patterson) announced a staggering $26.2 Billion dollar, three year budget deficit, and thanks to the tax and spend mentality of Albany, it should be no surprise to anyone who is going to pick up the bill: the taxpayers.”

The press release stated, “it is remarkable and sad that Governor Patterson had to use his executive authority to compel the New York State Assembly and Amy Paulin to return to Albany to take care of the People’s business.”