The future owners of Tuckahoe’s Marble Hall will get tax breaks for a $3.5 million renovation under a financial inducement resolution approved this morning by the Westchester County Industrial Development Agency.
The IDA’s board approved a resolution authorizing its staff to enter into negotiations with Rector Street Development of New York City for the 133-unit subsidized housing complex at 100 Columbus Ave.
Rector Street Development’s total development cost, including acquiring the 10-story complex, is an estimated $45.5 million.
The developer seeks $130,000 in sales tax breaks for construction materials and it will seek to continue for 20 years a payment-in-lieu-of-taxes agreement with the Village of Tuckahoe currently worth $400,000 annually.
The proposed deal would keep the complex affordable to families making 60 percent or less of the county’s median income for the next 30 years.
The construction is expected to create about 75 construction jobs and it will occur while rent-subsidized residents remain in their apartments.
Marble Hall is about 35 years old and it was originally built under the state’s Mitchell-Lama housing program.
The renovation will include new windows, boilers, kitchens and bathrooms.
The developer expects to close on the property in the spring and will return to the IDA at that time for final approval.