The TOD deed is non-testamentary, which means that the interest in the real property transfers automatically to the designated beneficiary named in the TOD deed by operation of law and no probate or administration proceeding is required.
Rockland faces further challenges related to environmental sustainability, such as the diminishing availability of renewable energy sources, inadequate drainage systems, flooding and groundwater quality.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
According to a cost benefit analysis prepared for the LDC, the renovations project would generate a one-time sales tax revenue of $45,973 and $5.2 million in sales tax revenue over a 30-year period.
WHITE PLAINS—The Westchester County’s Local Development Corporation announced on Aug. 1 it had voted preliminary approval of $35 million in tax-exempt bond financing for renovations at Sarah Lawrence College in Yonkers near the Village of Bronxville. The bond financing is for a period of 30 years.
The project for the 44-acre campus includes renovation and rehabilitation of campus facilities, including the Siegel Building; the Performing Arts Center; the Bates Building; existing improvements at 161 Hampshire Road, athletic facilities and the Hillhouse Building exterior. It also includes the purchase and renovation of existing building and other improvements located at 8 Oak Bend; campus-wide information technology hardware, infrastructure improvements and upgrades; refinancing of certain existing equipment lease and the acquisition of and installation in and around the improvements of certain items of machinery, fixtures, equipment and other items of personal property, Westchester County officials stated. The LDC granted preliminary approval for the project at its July 24th session.
Westchester County Executive George Latimer said, “We are very pleased for the Local Development Corporation to provide tax-exempt bond financing for renovations at Sarah Lawrence College. This prestigious liberal arts college has been a pioneer of innovative educational programs since its founding nearly 100 years ago.”
LDC Chair Joan McDonald added, “The tax-exempt bond financing by the LDC will generate more than $5.3 million in fiscal benefits for the county...”
According to a cost benefit analysis prepared for the LDC, the renovations project would generate a one-time sales tax revenue of $45,973 and $5.2 million in sales tax revenue over a 30-year period. It will also generate $81,250 in fees to be collected by the LDC based on the bond sale proceeds. Total benefits for the county would be $5,364,468.
In addition to the bond financing, the college would also receive a one-time mortgage tax exemption of $630,000. The net benefit cost ratio for the project would be $8.52 in revenue generated for every $1.00 of assistance from the LDC.
It is estimated that the project would create 63 jobs during the construction phase.
The LDC assists Westchester not-for-profit organizations in securing tax-exempt bond financing benefits. Since its inception in 2012, LDC has assisted not-for-profit organizations in securing tax-exempt bond financing totaling more than $1.9 billion.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
“We should have more inventory. There absolutely should be more inventory than there is right now.”
The Hudson Gateway Association of Realtors has established a one-stop location for members to get the latest tools, forms and information on the NAR settlement and the practice changes dictated by the settlement reached in March of this year.
Since November 2023, Wright shepherded the association in early 2024 through negotiations that led to a $418-million settlement to resolve claims brought on behalf of home sellers related to broker commissions
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
