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Ignoring NYS Historic Preservation AND Common Financial Sense

Below you will find a letter to the Village from the NYS Historic Preservation Office. The letter is concerned about the demolition of buildings that are both State and National Historic Register properties.

The proposed buildings are "not appropriate to the district due to its height and contemporary design."

And what did Port Chester do with this? NOTHING.

Also, you can read the review done by HR&A of 30 Broad Street created for the Port Chester Industrial Development agency.

Key finding: "AFter reviewing the multiyear cashfow, HR&A beleives that both the return on cost [ROC] and internal rate of return [IRR] are not adequate relative to the risk of this Project, especially given the above concerns about the construction cost and lease-up assumtions ... Even with PCIDA benefits, HR&A has concerns regarding the financial feasibility of the Project."

In other words, this project does NOT SEEM FINANCIALLY feasible EVEN WITH a PILOT. Again, why are taxpayers underwriting risky development? Why not wait until there's a better option on the table?

The result? The buildings have already been torn down and construction hasn't started.

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