Most speakers want no high rise towers on waterfront; developer seeks record borrowing, tax incentive package from city by Feb 13; media blackout on community opposition appears underway

By Don DeBar

January 25, 2007

YONKERS – Although the official handout neglected to mention it, most of the speakers who attended last night’s scoping session noticed that the response from the developer to community demands that no high rise buildings be allowed in the downtown waterfront has been to submit for review what appeared to be two 61-story buildings at one site and two 25-story buildings at another.

Most speakers decried the plan for rezoning to favor high rise development, and told this city’s officials not to allow it to happen.

Some dozen and a half speakers provided verbal testimony in the scoping session which kicked off the environmental review of the proposal by local developer Cappelli Enterprises, Inc and its partnership, called SFC Yonkers in publicity materials. The group was represented by Cappelli VP Joseph Apicella, who was accompanied by attorney Al DelBello and a phalanx of consultants.

Immediately following the scoping hearing, the council entertained a request by the developer for public financing of infrastructure improvements totaling $160,000,000, which would be borrowed by the city and paid off using the promised revenues from the proposed development under a unique device called TIF (Tax Increment Financing). An additional $40,000,000 would be borrowed under the plan to help pay the cost of carrying the development until it is completed and generating revenue. After that, the bond payoff would consume the tax revenues from the project until 2014. According to the Journal News, the developers want the City Council to decide by Feb. 13 whether it will back the plan.

NEW YORK STATE – Record flooding has created severe conditions for residents of at least thirteen counties in Central New York State, along with dozens of counties stretching from Pennsylvania to Maryland. Although New York’s Republican Governor has requested aid for thirteen affected counties in the state, Republican President George Bush has offered aid to only eight, prompting a strong response from the Governor. Further complicating the matter is the antagonism that exists between locals and the large presence of New York City, whose water supply is largely hosted in the region.