The LDC aproval process is governed by New York State Law and generally includes:

  • The organization determines that it meets one or more of the project eligibility criteria outlined in the “Is my not-for-profit eligible?” section.
  • The organization completes the online LDC Project Worksheet. Once submitted, the LDC and Office of Economic Development staff will arrange for a conference with the organization to discuss the eligibility of the project. The discussion will cover what types of benefits can be provided, the terms and conditions of a project agreement between the LDC and organization, and amount of legal and agency fees involved in executing the project.
  • Following review of the project by the LDC, the organization will be invited to submit an application. Bond projects have intervening steps to preparing an application. An application fee of $250 is required when the application is submitted. Bond applications are available electronically once an organization has met with the LDC and is determined eligible for assistance.
  • The application is presented to the board members of the LDC and a resolution of the board expressing the LDC’s “intent to finance” must be formally adopted. The organization requesting assistance and its legal counsel attend to the meeting to present the project and answer any questions that the board may have.
  • Once such resolution expressing intent to finance has been adopted, the LDC must hold a public hearing following publication of a public notice stating the actions and benefits to be provided to the organization. Thereafter, counsels for both the LDC and project prepare the project document. Bond projects involve compiling a team necessary to execute the indentures involved in an issuance.
  • Following the public hearing, project documents are completed and the LDC board must vote to authorize the issuance of its bonds.
  • The LDC and the applicant meet on a closing date to sign and execute all documents.
  • During the term of its LDC financing, the applicant is required to make annual reports to the LDC, detailing the amount of benefits taken and number of jobs retained or created. Organizations receiving benefits are also required to file job openings with the County’s workforce development office.

Our Incentives

Westchester County’s various incentives help support startups, assist not-for-profits, and promote economic development through creating, attracting and retaining jobs, and more.

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Industrial Development Agency

Sales tax exemptions on new construction, expansion or renovation projects, or the acquisition of new equipment, and more help companies grow and prosper.

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Local Development Corporation

Since its inception in 2012, we’ve assisted not-for-profit organizations in securing tax-exempt bond financing benefits totaling over $400 million—at no cost or risk to the taxpayers of Westchester County.

Our Programs

Westchester County offers programs and services to assist and incentivize businesses.

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Element 46 Incubator

The new Element 46 Incubator program kicked off in 2019 to inspire and support entrepreneurial talent and the development of new businesses in the County. Nearly a hundred business leaders will serve as mentors to startups, offering their expertise, time, and support.

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Minority and Women-Owned Business Program

Westchester works to encourage, promote and increase participation of business enterprises owned and controlled by persons of color or women.

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Opportunity Zones

This new community investment tool established by Congress in 2017 encourages long-term investments in low-income urban and rural communities nationwide.

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Service-Disabled Veteran - Owned Business Program

Westchester encourages and supports eligible SDVOBs to play a greater role in the state's economy by increasing their participation in New York State's contracting opportunities.

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Disadvantaged Business Program

This federally regulated program provides a vehicle for increasing the participation by small businesses owned and controlled by socially and economically disadvantaged individuals.

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