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New Rochelle IDA approves mortgage-recording-tax exemption for NA West LLC project, 4–1
Summary
The New Rochelle Industrial Development Agency on March 28 approved a mortgage-recording-tax exemption for NA West LLC related to refinancing of the 600 North Avenue project.
The New Rochelle Industrial Development Agency on March 28 approved a mortgage-recording-tax exemption for NA West LLC related to financing at 600 North Avenue.
The exemption request covers $128,655, described in staff materials as "1% of the difference between the $26,000,000 new financing and the original financing." The board voted 4 in favor and 1 opposed.
Why it matters: The mortgage-recording-tax (MRT) exemption reduces transaction costs tied to permanent financing and is one of the IDA’s economic tools. Board members and the public framed the decision against broader city priorities, including local hiring and union participation on large developments.
Adam Salgado, commissioner of…
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