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June 10, 2013 | VOL. 49, No. 23
CUomo tAX PlAN blAStEd
INSIDE
BY JOHN GOLDEN jgolden@westfairinc.com
STEPPING DOWN• 2
A
s Gov. Andrew Cuomo continued to rally support from business, municipal and academic leaders for his proposed tax-free business zones on and around college campuses, critics have blasted the novel plan as more “corporate welfare” from “Governor 1 Percent” and an inadequate tax relief measure to spur upstate economic development. Cuomo and administration officials have held a series of meetings with leaders in the public and private sectors to discuss goals and details of the Tax-Free NY initiative unveiled by the governor last month. It would offer 10-year state tax exemptions to job-creating businesses that lease space at the state’s 57 SUNY campuses outside New York City and selected private universities north of Westchester County or at 20 other off-campus state properties. The tax-free zones, which would foster working partnerships and technology transfers between
ON THE GROW • 10
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takin’ it to the streets page 8
Cuomo, page 6
Janet Langsam at ArtsWestchester in White Plains. Featured art is “Green Ripples” by Stomu Miyazaki and Momo Miyazaki. Photograph by Emma Benzie.
Ailing hospital system seeks and finds a healthy partner BY JOHN GOLDEN jgolden@westfairinc.com
IN AN AFFIDAVIT FILED WITH HIS HOSPITALS’ recent Bankruptcy Court petition, Sound Shore Health System President and CEO John Spicer laid out a scenario of financial pressures – mounting pension obligations and other debts, liens and judgments, declining reimbursements, negative cash balances and balking vendors and lenders – that led to Sound Shore’s pending acquisition by Montefiore Medical Center in the Bronx.
Though the details might differ, his account from New Rochelle and Mount Vernon could be an outline for other ailing New York hospitals exploring merger or acquisition as a way to keep their doors open for patients in the months and years ahead. A growing employer in Westchester County with its $33 million purchase of the former Kraft Foods beverages research and development center in Tarrytown, where it plans to move about 850 nonmedical jobs this year, Montefiore will be a Hospital, page 6
SPECIAL REPORT: REAL ESTATE • 29