Westchester County Business Journal 052019

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MAY 20, 2019 VOL. 55, No. 20

westfaironline.com

A rendering of the proposed project at 60 S. Broadway in White Plains.

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CHAPPAQUA CROSSING

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TECHNOLOGY IN THE SKY

White Plains collects some IDA development tax breaks for taxpayers BY PETER KATZ pkatz@westfairinc.com

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o critics, a lot of what Industrial Development Agencies (IDAs) do is little more than corporate welfare. In fact, that phrase is used in a recent announcement stating that state Sen. Shelley Mayer (D-Westchester) and Sen. James Skoufis (D-Hudson Valley) have introduced legislation in Albany designed

to “increase accountability and transparency in the IDA process, rein in corporate welfare and reduce opportunities for conflicts of interest.” While expressing support for economic development and IDAs, Mayer said, “I am committed to ensuring that when tax dollars are spent, through expenditures or financing, they are spent wisely and transparently and that communities receive the maximum benefits from investments.”

BANK SAYS RAPPER DMX’S MOUNT KISCO PROPERTY PART OF BANKRUPTCY SCHEME

One community, which has been taking concrete steps to preserve the flow of funds into its coffers when the Westchester County IDA gives breaks to developers is White Plains. Sales tax exemptions and mortgage abatements are among the most common benefits the Westchester IDA provides and have been seemingly routinely granted to developers of projects in White Plains. Those » IDA

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BY BILL HELTZEL bheltzel@westfairinc.com A BANK IS QUESTIONING THE legitimacy of a bankruptcy case concerning the house of Tashera Simmons and Earl Simmons — the latter better known as the rapper DMX — that is their seventh bankruptcy in 10 years. Compass Bank claims that the couple defaulted on a mortgage on a Mount Kisco house and owes more than $900,000. But bankruptcy automatical-

ly “stays,” or freezes, most creditors from collecting debts. Compass alleges that the couple has filed multiple bankruptcy petitions to delay a foreclosure sale of their house, granted by Westchester Supreme Court in 2016. “Access to the automatic stay is a privilege,” Compass states in its pleading. “The debtor has abused that privilege and can no longer be permitted to obstruct Compass’ » RAPPER DMX

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