Westchester County Executive Rob Astorino and the Board of Legislators are working together to finalize legislation by April 15 changing the governance of the county’s Local Development Corporation to give legislators more say.
Astorino formed the LDC to issue tax-exempt bonds for non-profits early last year but the Board of Legislators refused to ratify his version of the organization and the state Authorities Budget Office raised questions about whether the LDC bonds would be tax exempt without board approval.
Astorino sent down revised legislation earlier this year and the two sides met Wednesday to address lingering questions.
“We walked out of there, I think all of us, feeling great progress had been made,” said Legislator Peter Harckham, D-Katonah, Thursday at a legislative committee meeting.
The LDC will now have three members, the county executive, the majority leader of the Board of Legislators and the minority leader. They will appoint representatives to the LDC board, including a mutually-agreed-upon representative of labor.
A new draft of the law is expected to be available next week.
Meanwhile, Purchase College complained in a letter read at the committee meeting that the holdup on the LDC has hurt them financially. The college wants to complete a debt refinancing that will save it $25,000 a month in interest.