Agency approves Cappelli request
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- December
- 28
The Westchester County Industrial Development Agency today approved a request from developer Louis Cappelli to amend its leasehold interest in his $600 million Renaissance Square in White Plains to accommodate additional borrowing for the project.
Cappelli’s request was the sole item on the IDA’s agenda for the meeting, which lasted two minutes. The developer is lining up $70 million in construction financing to cover increased costs for the project’s second tower, due to be completed in the summer of 2008, as well as $3 million for operating expenses and reserves for the Ritz-Carlton hotel portion of the project.
Cappelli needed the IDA’s approval for the extra borrowing because the agency holds the title to the project, which enabled the development to qualify for tax breaks.
This entry was posted
on Friday, December 28th, 2007 at 6:50 pm by Jerry Gleeson.
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Category: Corporate doings
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