CLERK OF THE BOARD - New Rochelle IDA PH Notice-277 North Avenue

The New Rochelle Industrial Development Agency (IDA) is holding a public hearing on February 25, 2026, regarding financial assistance for a project at 277 North Avenue. The project involves the demolition of existing structures and the construction of a 23-story mixed-use commercial/residential building with approximately 442 residential units (10% affordable) and 13,000 sq ft of retail space. The IDA previously authorized financial assistance in 2018, including sales/use tax exemptions, mortgage recording tax exemptions, and a Payment In Lieu Of Taxes (PILOT) agreement. The current hearing is to consider an assignment of these agreements to a new entity, 277 NORTH AVENUE GP LLC, and to potentially recommence the benefits of the PILOT agreement for this new entity. The public will have an opportunity to review the project application and provide input on the financial assistance, the facility's location, and its nature.