LDC agreement for Iona questioned, Any comments?

Written By: Deprecated User

Recently I wrote to the City Manager about the LDC (Local Development Corporation) and their entertainment of allowing $5 million in bonding for Iona for Pryer Terrace houses. One of my concerns was that this bonding to be used for faculty residences on Pryer Terrace was not creating new jobs in the community. This is a mandate for using this bonding. The reply below from the Commissioner of Development addressed this issue. Do you agree or disagree with the answer Mr. Aragon gave, and why or why not?

Ms. Godfrey:

This is in response to your inquiry to the City Manager regarding the LDC agreement with Iona.

Iona submitted an application to the LDC to finance the reimbursement of monies that were expended by Iona in connection with the College’s acquisition of 6 parcels of real property that contain 5 residences.

33 Pryor Terrace is the address of 1 of the 6 parcels on which the residences are situated. Iona leases these residences to The Christian Brothers’ Institute, a New York not-for-profit corporation, for residential use by faculty and retired faculty of the College.

The LDC agreed to undertake the project in part because the College is currently a significant provider of employment within the City and the Bonds would both protect that employment and provide for its possible future increase by strengthening the College’s finances and continuing the housing it now provides for certain current and retired employees, thereby serving the public purposes for which the LDC was created.

Thank you.


Luiz C. Aragon


Department of Development

City of New Rochelle