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IDA approves reset of Illustrator at 600 North Ave.; adds one workforce unit and applies social-equity fee
Summary
The IDA approved resetting the residential pilot for 600 North Avenue (the Illustrator), adding one workforce unit and imposing a social equity fee of roughly $137,000; staff said the 20‑year reset yields estimated developer savings of about $679,000 and a net public benefit of roughly $1.1 million.
The New Rochelle Industrial Development Agency on Nov. 19 approved a request to reset the residential pilot for the 600 North Avenue development, known as the Illustrator, to allow the developer to restructure debt after earlier construction and operating challenges.
Staff and consultant Kevin Grama said the project — approved in 2017 with 75 residential units, eight designated affordable at 80% of area median income — experienced higher costs and operating losses during early years, and the developer seeks a two‑year reset (rather than the five‑year reset asked for the nearby Rockwell). The consultant said resetting the residential schedule would trigger the IDA’s social equity fee (presented in the meeting as about $137,000), add one workforce unit (bringing affordable units from eight to nine), and produce estimated gross savings of about $679,000 over 20 years.
Staff said the revenue neutrality test is met: the combination of residential and commercial pilot payments, the value assigned to the affordable housing and the social equity fee exceed estimated new costs (the consultant estimated the change would produce about three additional students under the school‑impact formula). Board members asked about current vacancy (developer estimated about 10%) and how the social equity fee funds are used; staff listed compliance contracts and job‑retention work supported by the fee and said the fund will grow as projects close.
Howard seconded the motion to approve the modification and the board carried it with one member opposed. The IDA directed staff to implement the terms discussed, including the single additional workforce unit and collection of the project‑specific social equity fee.
