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The IDA re elected all officers and reappointed its committees while approving updated five year budget projections. Members were told that 2SM LLC had completed its capital stack and was ready to proceed toward closing, while several other projects were targeted for October closings.
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The agency kept its existing leadership and committee structure and reaffirmed its operating plans for the coming year. 2SM LLC has secured the financing needed to move forward but is still waiting for gas service to be disconnected before demolition can begin. Hines Station Lofts remains dependent on financing, and Westchester Crossing is studying a possible hotel payment arrangement based on a percentage of revenue rather than a conventional tax discount.
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