New Rochelle OKs Armory Agreement

The groundwork has been laid for a food market hall in New Rochelle at the site the Armory, but there are several hurdles to clear before it could open its doors.

The New Rochelle City Council approved Wednesday a six-month letter of agreement between the city and Good Profit, the developer chosen for the project in September.

According to the agreement, Good Profit will "review, study and consider policy and financial implications with respect to the development of the New Rochelle Armory."

The group will also consult with , on a site plan for the project.

Good Profit proposed creating a market hall, focused on regional food, that would have two restaurants, vendor stalls, an exhibition hall and space to provide veterans special services, such as job training in collaboration with the New Rochelle Public Library and health services.

The developer has set up an escrow account in the initial amount of $50,000, and has agreed to conduct its review "at its own risk."

By the end of the six-month period, Good Profit must submit to the City the following: a detailed site plan, an analysis of public costs and benefits and a detailed financing program.

Councilmen Louis Trangucci, R-District 1, and Albert Tarantino, R-District 2, were the two "no" votes.

Tarantino questioned why the city council was originally told there would be a memorandum of understanding and then was asked to OK a letter of agreement.

Corporation Counsel Kathleen Gill said a letter of agreement was chosen rather than a memorandum of understanding, because the latter implies obligations on both parties.

"In a memorandum of understanding you will have a very specific schedule for the environmental review," she said, "and a certain amount of time to submit a [draft environmental impact study]."

Gill said the city and Good Profit were not at that stage yet, and with the shorter agreement period, if the obligations required of Good Profit are not met or are not sufficient, the City does not have to go forward.

City Manager Charles Strome III said it was better to find out over the next six months if the agreement works out.

"It benefits the developer, too," he said.