Agreements Underway Regarding ‘North 60’ Development

From the Westchester County Board of Legislators:

At the weekly meeting of the Westchester County Board of Acquisition and Contracts an amendment was approved to an existing contract with Fareri Associates LP to reimburse the county for studies which are being done on the proposed $1.2 billion bio-science project at the Grasslands Campus. The project which seeks to develop 60 acres of county-owned property along with an adjacent tract of 20 acres owned by Fareri next to Westchester Medical Center is commonly known as the “North 60 Project”.

The three member Board of Acquisition and Contracts which is comprised of Board of Legislators Chairman Michael Kaplowitz, County Executive Rob Astorino and Budget Director Larry Soule had previously approved a contract of up to $20,000 for a due-dilligence review of the lease by the Law Firm of Zarin & Steinmetz. The amended contract adds an allowance of up to $45,000 additional to retain The Weitzman Group Inc. for a comprehensive financial analysis of the $1.2 billion deal and an additional $10,000 to retain Hudson valley Property Advisors LLC for an updated appraisal of the property’s value.

The amendment brings the total “not-to-exceed” amount for the consultants to $75,000. The final cost of the studies may be less than the approved amount. Importantly, Fareri Associates LP has agreed to reimburse Westchester County for the total cost of the studies.

Board of Legislator Chairman Mike Kaplowitz reiterated the importance of having a comprehensive analysis of the plan in order for the Board to conduct its review. “I have welcomed for the past three years as Chairman of the Board of Legislators a development partner for this valuable county asset. Now that the County Executive and Fareri Associates have submitted their proposal, the Board of Legislators has begun our intensive and appropriate review in contemplation of a timely approval.” Kaplowitz added, “These studies by outside experts will provide us with data and analyses which are critical to our decision making.”

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