The Westchester County’s Local Development Corporation (LDC) voted preliminary approval on November 25, 2024, of $20.6 million tax-exempt bond financing for renovations of Kendal on Hudson, a life plan community in Sleepy Hollow.
Westchester County Executive George Latimer said: “Kendal on Hudson has long been an integral part of Westchester County and the lower Hudson Valley, providing the highest quality of care for its residents and contributing to the local community. The 30-year tax-exempt bond financing from the Local Development Corporation helps ensure Kendal on Hudson’s long-term viability.”
Westchester LDC Chair Joan McDonald said: “In addition to creating over 50 construction jobs, this project will also provide a total economic benefit to the County of more than $2.2 million at no cost to Westchester County.”
The $32 million project consists of renovating, improving and maintaining the life plan community, consisting of 222 residential rental units, administrative spaces and the common amenities with central dining facilities, a library, fitness center/pool, auditorium, and other shared spaces, across four buildings, which are connected by an approximately 50,000 sq. ft. “spine” and an approximately 8,000 sq. ft. terrace.
The project is designed to improve accessibility and functionality in both interior and exterior common spaces consisting of the renovation of approximately 48,000 square foot interior areas and 6,500 sq. ft. exterior terrace renovation as well as the addition of an approximately 1,600 sq. ft. of common space.
The project will create 52 construction jobs, including 36 direct jobs for Westchester County residents during the construction period representing $5.5M in employee earnings and more than $9.3M of economic activity within Westchester County.
According to a cost benefit analysis prepared for the LDC, the project will result in a total benefit to the County of $2,160,840 at no cost to the County. Kendal on Hudson is not requesting a mortgage recording tax exemption. The annual economic activity resulting from the Project is expected to retain 248 jobs, $19 million in earnings, and $40 million in economic output for Westchester County. Project renovations are expected to begin in 2025 and will take approximately 24 months to complete.
Situated on a spectacular site overlooking the Hudson River, Kendal at Hudson offers 222 apartment residences across four connected buildings. The campus also features an extensive community center, dining rooms, suites for residents needing supportive services, and a health center providing short- and long-term nursing care. Kendal on Hudson is an affiliate of the Kendal system. As a not-for-profit community based on Quaker principles, Kendal is a nationally known leader in promoting lifelong learning, wellness and fulfillment for older adults.
The LDC assists Westchester not-for-profit organizations in securing tax-exempt bond financing benefits. These benefits are provided at no cost or risk to the taxpayers of Westchester County. Since its inception in 2012, LDC has assisted not-for-profit organizations in securing tax-exempt bond financing totaling over $1.9 billion.
