New Rochelle Chooses New Developer For Echo Bay

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New Rochelle City Council members have picked a new developer for the Echo Bay project.
New Rochelle City Council members have picked a new developer for the Echo Bay project. Photo Credit: File

NEW ROCHELLE, N.Y. -- The City Council brought new life to the Echo Bay development project Tuesday, July 8, when it selected a new developer for the mixed-use proposal, according to the Westchester County Business Journal. 

Officials agreed to enter into a memorandum of understanding with Twining Properties, the New York City-based company that finished second in the original bidding process in 2006, WCBJ reported. 

The Echo Bay project was originally awarded to Forest City Residential Inc. but was scrapped due to vehement community opposition, WCBJ said. 

Click here to read the full article. 

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OK but how many millions of dollars are we spending to move the city yard?

Where's that money coming from?

If a loan, how much are we borrowing?

My understanding is New Rochelle needs to borrow $30 million just for the city yard move and a $30 million loan, at 4% for 30 years will cost $1.7 million annually.

So where does the $1.7 million come from? The development will probably be tax abated so minimal to little tax revenue so then the payments will come from the city's general fund which we all pay into in the form of property taxes.

That means our taxes are going to go up. Bramson will claim some sort of tax cap exemption so he won't need to override and we, the citizens of New Rochelle, will be stuck with this for at least another 30 years.

But wait, is that really the best use of $1.7 million annual expenditure? I really have a hard time with that, especially when the mayor cries poverty every budget cycle, he just cut $400 thousand out of the budget by scrapping fall curbside leaf pick-up and our roads are in horrendous condition.

What's Bramson thinking? Why does he continue to jam the project down our throats? Kinda wishing he won last November, but then again not.