2008 CPEO Brownfields List Archive

From: Lenny Siegel <lennysiegel@gmail.com>
Date: Fri, 11 Jul 2008 15:55:51 -0700 (PDT)
Reply: cpeo-brownfields
Subject: [CPEO-BIF] Yonkers, New York, esplanade
Developer wants $4M for Yonkers esplanade

Len Maniace
Lower Hudson Journal News (NY)
July 11, 2008

YONKERS - The developer of 560 apartments along the downtown waterfront has told city officials he needs $4 million to cover part of the cost of a public esplanade built for the city's latest project.

Arthur Collins II said in an interview with The Journal News that he is seeking the city's support in further changing the state's just-revised Brownfield Law to cover the gap, or - failing that - some form of financial assistance from City Hall.

Collins, who heads Collins Enterprises in Stamford, Conn., said the gap resulted from a misunderstanding of the law, which funds environmental cleanups of former industrial properties and which the company had counted on to cover the esplanade's $16.7 million cost.

Collins Enterprises expects to receive a total of $19.5 million in tax credits from the state. Collins said his company did not realize that credit was subject to a federal tax of $6.8 million, which left him only $12.7 million to put toward the project.


For the entire article, see


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918

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