Draft Environmental Impact Statement

203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

6.4 SOCIOECONOMIC RESOURCES

6.4.1 Demographics

The subject site is located

within census tract 40
which has a population of
6,529 people, contains 142
acres, and a density of 46
persons per acre.

The following information

was taken from the US the
report titled the
Demographic Information
for the City of Mount
Vernon by the Westchester
County Department of
Planning. According to the
2000 Census the City of
Mount Vernon contains
Figure 6.4-1: Census Map
68,381 people, 27,048
households, and 18,432
families residing within Mount Vernon. The population density was 14,290.3 people per
square mile. There were 28,558 housing units at an average density of 7,205.9/sq mi. The
racial makeup of the city was 28% White, 59% African American, 2% Asian, 5% other,
10% Hispanic, and 5% from two or more races.

Of the 27,048 households 8,277 had children under the age of 18 living with them, 9,850
were married couples living together, 5,861 had a female householder with no husband
present, and 8,896 were non-families. 30.0% of all households were made up of
individuals and 10.7% had someone living alone who was 65 years of age or older. The
average household size was 2.6 and the average family size was 3.4.

Income data for 1999 indicated that the Per Capita income for Mount Vernon was
$20,642 while the average household was $54,875, and the average family income was
$83,887. The rental costs for Mount Vernon indicated that the average rent for Mount
Vernon is $754. 43% of the renters in Mount Vernon pay $500-$800 with only 1% of the
population paying between $1,500-2,000.

Within Mount Vernon’s 27,048 units in 2000, of this number only approximately 5%
were vacant. Of the remaining 1,319 vacant units only 718 were available for rent.
However, their condition and price ranges were not available.

6.4-1
Ethan C. Eldon Associates
Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

According to the US Census data for the 2005-2007 Estimates, 2000 Census, and 1990
Census the following housing units were provided in Mount Vernon. Between 2000 and
the 2005-2007 estimate there is an estimated housing decrease of approximately 1%.

Based on the 2005-2007 Estimate, there has been very little development of new housing
within the City of Mount Vernon, with a majority of the housing stock being constructed
prior to 1949. Given the decrease in development in the City, there is a need for new
housing units. Furthermore, the housing stock within Mount Vernon is aging and without
proper maintenance deteriorated conditions and streetscapes may occur.

Table 6.4-1: Year Structure Was

Built Table 6.4-2: Units in Structure
2005-2007
Estimate
Built 2005 or 1-Unit detached 7,668
Later 63
Built 2000-2004 375 1-Unit attached 837
Built 1990-1999 351
Built 1980-1989 708 2 Units 3,407
Built 1970-1979 1,059
Built 1960-1969 2,255 3 or 4 Units 3,228
Built 1950-1959 3,813
Built 1940-1949 6,624 5 to 9 Units 1,492
Built 1939 or
Earlier 11,510 10 to 19 Units 1,539
T OTAL 26,758
20 or More Units 8,338

Mobile Home 234

Boat, RV, Van, etc. 15

TOTAL 26,758

Of the estimated 26,758 units in Mount Vernon only 31% are buildings with 20 or more
units, compared to the number of one unit structures in Mount Vernon. Since the 2000
Census there has been a decrease in the number of housing structures that offer 20 or
more units per building.

Study Area Density

In order to determine the density of the Study Area, all Census Tracts with at least 50%
or more of their boundaries located within the Study Area were included (See Figure 6.4-
2).

6.4-2
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

Table 6.4-3: Census Tracts With 50% or Greater Land Area within the Study Area

Existing Without the Proposed Project-

2014 With the Proposed Project- 2014
Census Total Total Density Total Total Density Total Total Density
Tract Population Acres (Persons Population Acres (Persons Population Acres (Persons
per Acre) per Acre) per Acre)

31 2,354 71 33 2,686 71 37.8 3,018 71 33

32 2,633 72 37 2,633 72 36.6 2,633 72 37
36 4,074 95 43 4,362 95 45.9 4,650 95 45.9
37 3,864 150 26 4,057 150 27.0 4,250 150 26
38 3,168 58 55 3,168 58 54.6 3,168 58 55
39 3,535 122 29 3,535 122 29.0 3,535 122 29
40 6,529 142 46 6,529 142 46.0 7,183 142 50.6
TOTAL 26,157 710 269 26,970 615 276.9 28,437 710 276.5
Average 3736.7 101.4 38.4 3852.9 102.5 39.6 4062.4 101.4 39.5

The proposed project would increase Census Tract 40 by 658 residents resulting in a 4.6 persons per acre increase by the year 2014.
Each of the three phases would have a higher density than currently found in Census Tract 40. However, the density in 2014 with the
proposed project within Census Tract 40, would be less than Census Tract 38 (located within the Study Area), which has higher
density in the existing condition and future with and without the proposed project. Although there would be an increase in the density
of the Study Area, the benefits to the City of Mount Vernon would be significant since the proposed project would generate increased
tax revenue, substantial improvements along a commercial corridor, and much needed employment and housing in the area.

6.4-3
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

6.4.2 No Build Condition

Under the No Build condition no demolition, excavation, or change in uses of the site
would occur. It would be assumed that no additional jobs would be generated, no direct
displacements of residents or businesses would occur, and no additional tax revenues or
spending would occur. Furthermore, the existing sites would not be developed and the
blighted and vacant conditions on the Phase II and III sites would remain.

The existing Sites generate the following tax revenues for Mount Vernon:
Table 6.4-4: Site Tax Information
Annual
Block and Taxes for
Address Lot 2008
203 Gramatan 1122.19.0 $16,638.22
1 Oakley Avenue 1122.1.0 $1,223.28
6 Oakley Avenue 1122.20.0 $33,877.04
30 Oakley Avenue 1135.10.0 $10,545.09
144 Crary Avenue 11.35.1 $5,272.55
$67,556.18

6.4.3 Build Condition

The proposed project would displace 3 businesses (restaurant, hair salon, and dry
cleaning facility) which employee an estimated 20 employees which may be relocated
else where in Mount Vernon. Due to the vacant nature of the Phase II and III sites, no
employees are displaced there. These displaced jobs would be compensated for by the
community facility, incubator space, building employees, and retail space provided on
site. It is anticipated that the proposed project will provide the following approximate
number of jobs:
• Phase I: 62 (45 commercial retail jobs, 6 professors, 4 WCC employees, 4
building operations employees, and 3 incubator space employees)
• Phase II: 2 building operations employees
• Phase III: 21 employees (18 community facility jobs and 3 building operations
employees)

There would be a net increase of 65 employees at the subject site as a result of the
proposed project. The proposed project would be beneficial to the community by
providing a net increase of 705 new residents and net increase of 65 employees. As a
result of the relocation of the WCC approximately 6 new professors and 4 employees
would be generated.

The estimated construction cost for the proposed project is approximately $80,750,000
(203 Gramatan-$38,000,000; 144 Crary- $11,250,000; 30 Oakley- $31,500,000).

6.4-4
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

6.4.3.1 Quantitative Analysis

In order to determine the financial benefits to the City of Mount Vernon that would be
generated as a result of the proposed project, a quantitative analysis was conducted. Table
6.4-5 through 6.4-7 summarize the findings and are discussed in greater detail in the
subsequent sections.

Table 6.4-5: Temporary Sales Tax Revenue Benefits to the

City of Mount Vernon (2010-2014)

Type of Generation City Tax Revenue

(Cumulative)
Temporary Construction Worker $130,110.00
Retail Spending (until 2014)

Table 6.4-6: Annual Post-Build Sales Tax Revenues to the City

of Mount Vernon
Type of Generation Annual City Tax Revenue
Employee Retail Spending $9,857.00
Residential Retail $51,583.00
Spending
Onsite Retail Sales Taxes $70,844.00
Total $132,284.00

Table 6.4-7: One Time Financial Commitment by the

Applicant
Improvements Financial Commitment
(approximations)
Garage renovations $2,000,000.00
Streetscape Improvements $1,000,000.00
Funding of Hartley Park Study $50,000.00
Total $3,050,000.00

Table 6.4-8: Annual Post-Build Property Tax Revenues to the

City of Mount Vernon
Type of Generation Annual Tax Revenue
(Cumulative)
Property Taxes $627,316.00

As a result of the proposed project an annual generation of $759,600 per year would be
generated in the form of sales tax and property tax revenues for the City of Mount
Vernon. Furthermore, an additional $3,050,000.00 would be financially committed to
being allocated by the Applicant for City Improvements through the rehabilitation of the
Municipal Parking Garage, streetscape improvements to the area surrounding the project
site, and funding for a Hartley Park Study. Temporary generations of sales tax revenue

6.4-5
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

would be generated by the estimated 692 construction workers that will be utilized from
groundbreaking to project completion in 2014. These workers would generate
approximately $32,528.00 in annual sales tax revenues for the City, resulting in an
estimated additional benefit to the City of $130,112.00 until the completion of the Phase
III building.

6.4.3.1.1 Incomes and State Tax Revenue Generation

Table 6.4-9: Salary and Revenue Generated

Employee Employees Average Total State Tax
Type Generated Annual Salary Generated Revenue
Construction 692 $53,720.00 $37,174,240.00* $2,546,435.00
Commercial 45 $26,620.00 $1,197,900.00 $82,056.00
Retail
Building 8 $28,570.00 $228,560.00 $15,656.00
Operations
Community 18 $42,790.00 $770,220.00 $52,760.00
Facilities
Professors 6 $66,020.00 $396,120.00 $27,134.00
WCC 4 $55,890.00 $223,560.00 $15,314.00
Administration
TOTAL 773 - $39,990,600.00 $2,739,355.00
*This number estimates the salaries generated through the completion of the proposed project in 2014

The proposed project would employ an estimated total of 692 construction workers.
Based on the New York State Department of Labor Quarterly Census of Employment and
Wages (QCEW), construction workers in New York in 2008 made an average annual
salary of $53,720.00. Therefore, the estimated payroll for construction workers for the
proposed project would be approximately $37,174,240.00 over the three phases of the
proposed project. Of this an estimated $2,546,435.00 (6.85%) would be revenue to the
State as a result of income tax.

The proposed project would employ an estimated total of 45 commercial retail space
employees who, according to the New York State Department of Labor Quarterly Census
of Employment and Wages (QCEW), in New York in 2008 made an average annual
salary of $26,620.00. Therefore, the annual payroll for the commercial retail workers for
the proposed project would be approximately $1,197,900.00 over the three phases of the
proposed project. Of this $82,056.00 (6.85%) would be revenue to the State as a result of
income tax.

The proposed project would employ an estimated total of 8 building operations

employees who, according to the New York State Department of Labor Quarterly Census
of Employment and Wages (QCEW), in New York in 2008 made an average annual
salary of $28,570.00. Therefore, the payroll for the building operations employees for the
proposed project would be $228,560.00. Of this $15,656.00 (6.85%) would be revenue to
the State as a result of income tax.

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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

The proposed project would employ an estimated total of 18 community facilities

employees who, according to the New York State Department of Labor Quarterly Census
of Employment and Wages (QCEW), in New York in 2008 Community and Social
Services Occupations made an average annual salary of $42,790.00. Therefore, the
estimated payroll for the community facilities employees for the proposed project would
be approximately $770,220.00. Of this $52,760.00 (6.85%) would be revenue to the State
as a result of income tax.

The proposed project would employ an estimated total of 6 new WCC professors and 4
employees who, according to the New York State Department of Labor Quarterly Census
of Employment and Wages (QCEW), in New York in 2008 Community and Social
Services Occupations made an average annual salary of $66,020.00 and $55,890.00,
respectively. Therefore, the estimated payroll for the new WCC professors and
employees for the proposed project would be an increase of approximately $619,680.00.
Of this $42,448.00 (6.85%) would be revenue to the State as a result of income tax.

6.4.3.1.2 Retail Spending and Tax Revenue Generation

Temporary Tax Revenue Generation

According to a study conducted by the Urban Land Institute about 35% of the payrolls
generated by new jobs in a community are put back into the economy through retail
spending. Of all the construction payrolls generated for the proposed project
$37,174,240.00 until 2014, an estimated $13,010,984.00 would be put back into the
economy as retail spending. Of this, 1% would go to the City of Mount Vernon through
sales tax totaling a benefit of $130,110.00 from 2010 to 2014. Additionally, New York
State would generate a total tax revenue of $960,211.00 during the period of 2010 to
2014.

Table 6.4-10: Tax Revenues Generate by Temporary Construction Worker Spending

Type of Type of Salary City Tax Revenue State Tax Revenue
Generation Revenue Generated Per From 2010-2014 From 2010-2014
Year
Temporary Sales $13,010,984.00 $130,110.00 $960,211.00
Construction Tax
Worker Retail
Spending (until
2014)

Tax Revenues Generated After the Completion of the Project

Employee Spending
For the non-construction jobs generated by the proposed project, which have a total
estimated annual income of $2,816,360.00, approximately $985,726.00 would be put
back into the economy as retail spending. Of this retail spending approximately

6.4-7
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

$9,857.00 per year would be generated as tax revenue for the City of Mount Vernon.
Additionally, $72,747.00 per year would be generated as tax revenue for New York State.

Residential Spending
According to the Demographic Information for Mount Vernon, New York, which was
prepared by Westchester County, the average household income in Mount Vernon in
1999 was $54,875.00. The firm Urbanomics stated that 25% of residents’ payrolls can be
assumed to be return into the economy. Therefore, this percentage was applied to the
payroll of the 376 residential units of the proposed project. The residents occupying the
376 units would generate a payroll of $20,633,000.00, of which 25% would be put back
into the economy through spending, resulting in an estimated $5,158,250.00. Of this
retail spending approximately $51,583.00 per year would be generated as tax revenue for
the City of Mount Vernon. Additionally, $380,679.00 per year would be generated as tax
revenue for New York State.

Retail Space Tax Generation

The firm Urbanomics calculated that the retail space would generate annual sales of
$7,084,400.00. Of this annual sales generation $70,844.00 per year would be generated as
a result of sales taxes. Therefore, a continuous generation of revenue would result from
the retail space within the Phase I building. Additionally, $522,828.00 per year would be
generated as tax revenue for New York State.
Table 6.4-11: Tax Revenues per Year After Project Completion
Type of Generation Amount of Annual City Annual State
Spending/Salary Tax Tax Revenue
Generated Per Year Revenue
Income Tax Generated

Commercial Retail $1,197,900.00 $0.00 $82,056.00

Employees
Building Operations $228,560.00 $0.00 $15,656.00
Employees
Community Facility $770,220.00 $0.00 $52,760.00
Employees
WCC Professors and $223,560.00 $0.00 $42,448.00
employees
Sales Tax Generated
Employee Retail $985,726.00 $9,857.00 $72,747.00
Spending
Residential Retail $5,158,250.00 $51,583.00 $380,679.00
Spending
Onsite Retail Sales $7,084,400.00 $70,844.00 $522,828.00
Taxes
$17,711,916.00 $132,284.00 $1,169,174.00

6.4-8
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

PILOT
It is the intent of Atlantic and the City of Mount Vernon IDA that they shall enter into a
straight, triple net-lease transaction, whereby the Project Area related to Phase I (whether
City or Private Properties), except for any interest in the Municipal Parking Garage, shall
be conveyed by lease or deed to the IDA, and leased by the IDA back to Atlantic or a
designated. Said lease shall be determined by future agreement of the parties in the
LADA in accordance with applicable law, and subject to any future financial analyses,
provided, it is the current intent of the parties to request that the IDA enter into (i) a lease
with a term of thirty-two (32) to forty (40) years, (ii) the lease shall be triple net with
prepaid rent of $1 for the term, whereby Atlantic would be responsible for all
maintenance, repairs and operating expenses of the building, including, without
limitation, real estate and other taxes (in the form of a payment in lieu of taxes agreement
in accordance with the IDA’s uniform tax exemption policies (“PILOT”)), totaling
$500.00 per unit of residential, and $1.75 per square foot for the approximately 17,711
square feet of retail commercial space proposed on the ground level of the Phase I
building (the “Commercial Rate”) and $0.00 per square foot for the approximately 28,000
square feet of commercial space proposed to be leased to the Westchester Community
College or other non-profit, government or other public use on the fourth floor of the
Phase I building, provided, that in the event Atlantic receives more than $500,000.00 in
gross income annually from the rental of the fourth floor space specifically to a non-profit
or public use, Atlantic shall pay to the City on an annual basis seven and one-half percent
of the gross income received by Atlantic in excess of $500,000.00, further provided, that
in the event that Atlantic leases any space on the fourth floor to a private for profit entity,
then the PILOT for that space shall convert to the Commercial Rate then being charged
for other spaces in the building, and (iii) Atlantic shall pay to the IDA a reasonable
annual administrative fee and issuer fee at closing. All PILOTs hereunder shall contain a
3% annual escalation provision, as well as be subject to approval of the IDA. The lease
shall provide that Atlantic may terminate the PILOT at which time it would commence
paying 100% of the real estate taxes assessed against the property. At the expiration of
the lease, the IDA shall convey the leased premises to Atlantic or its designee. It is the
expectation of the parties that if Atlantic elects to utilize a PILOT for Phases II and III,
the PILOT shall be on the same economic terms as contained herein. This expectation
shall be included in the LADA, subject to final development plans, and any other terms
and conditions relating to such Phases.

Due to a deteriorated financial market place and an increased cost of credit, and higher
required rates of returns on equity by investors, a variance of the IDA Policy from $600
to $500 per unit is required to make the proposed project financially feasible. (The IDA
policy of $600 per unit is not in any written form as a policy within any City documents,
but is substantiated by the fact that several IDA finance projects have received PILOTs of
$600 per unit over the last several years.) Furthermore, the applicant has agreed to much
higher construction standards for the proposed project. Therefore there is an increased
cost of development, which will in return be a benefit to the tenants of the proposed
projects by increasing their quality of living, improving the streetscapes and streetwalls
along Oakley, Crary, Gramatan, and North Third Avenues, and improving the Gramatan
Avenue Corridor and Urban Renewal Area.

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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

The following two projects have recently been granted PILOTs similar to that proposed
for the Proposed Project:

1. Grace Towers – 133 units (to be completed by the Spring 2010) has a pilot of
$600/unit with 2.5% escalation per year for a minimum 25 - 30 years

2. 60 West First Street – 43 units (currently under review with IDA) seeking a pilot
of either a $800/unit with 3.1% escalation per year for a 15 years per or a $1000/
unit non-escalating payment for a 15 year period.

The proposed project would result in significant beneficial socioeconomic impacts to the
City in job creation, retail spending, increased tax revenues and improvements to the
Gramatan Avenue corridor. No significant adverse impacts to socioeconomic conditions
are anticipated.

Additional Economic Benefits to the City

Additional economic benefits to the City would be generated as a result of the Applicants
financial commitment, as part of the proposed project, to substantially renovate the
Municipal Parking Garage, improve streetscapes, fund research for Hartley Park
improvements, generate an increase in tax revenues as a result of increasing the housing
and potentially increase Mount Vernon’s population. The renovation would result in
additional jobs, which are accounted for above, increased utilization of the municipal
resource, and increase in patrons coming to the area to shop and spurring spending in the
area, thereby increasing tax revenues for the City of Mount Vernon. Furthermore, this
revitalization of the Gramatan Commercial Corridor could potentially spur additional
revitalization efforts within the community, thereby generating additional tax revenues.

Table 6.4-12: Financial Commitment of Applicant

Improvements Financial Commitment
(approximations)
Garage renovations $2,000,000.00
Streetscape Improvements $1,000,000.00
Funding of Hartley Park Study $50,000.00
Total $3,050,000.00

6.4.4 Fiscal Impact Analysis of the Proposed Project

A Fiscal Impact Analysis for the proposed project was prepared by Urbanomics and
estimates the likely cost-revenue implications of the proposed three-phase development
based upon industry best practices and recent historical expenditure experience. This
analysis can be seen in Attachment P. This report uses the Per capita Multiplier method
for the analysis. This method is an average costing approach that evaluates future costs in
terms of current costs and is generally used when public services currently supplied by a
municipality are reasonably close to the existing level of demand. It adopts FY2009 tax
and equalization rates for real property in Mount Vernon by the City, School and Library
District and assumes the value of a PILOT based upon shelter rents and prevailing

6.4-10
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

payment shares for workforce housing development in Westchester County, as described

elsewhere in the DEIS. To determine educational outlays and average household size by
bedroom mix of the proposed development, the analysis uses the DEIS projection
contained in Section 6.7.3.9 that was based upon the Rutgers University, Center for
Urban Policy Research (CUPR) residential demographics multipliers, issued in June
2006.

Application of the above fiscal impact methods to the proposed development yields a
build-out estimate of the property tax revenue generated, versus the cost of municipal
public expenditures on a yearly basis. Only variable municipal expenditures are
considered, or those directly associated with increased development. For the City of
Mount Vernon, they consisted of school, public works, and public safety including fire,
recreation, social services and library expenditures. The fiscal impact analysis concludes
with a cost-benefit measure of the relationship between new revenue and expenditures at
the local level.

Methodology
The three phases of proposed development were subjected to Fiscal Impact Analysis: a
workforce rental development of workforce housing consisting of 177 apartments, a
senior housing development with 59 affordable units, and a market rate housing
development with 140 units. Only the residential uses were considered in this analysis.

The analysis was completed based on the following assumptions:

ƒ FY 2009 adopted operating expenses and revenues for the City of Mount Vernon
were used, including the recommended FY 2009 equalization rate of 2.64% and
the property tax rate of $254.23 for City, $25.95 for Library, and $719.80 for
School levies per $1000 of assessed value.

ƒ Current population was estimated by Urbanomics, based upon the trend in the
Mount Vernon population), 2000-2008, as reported by the U.S. Bureau of the
Census, and current public school enrollment for FY2009 was obtained from the
Mount Vernon School District.

ƒ Per capita expenses by major municipal function were determined from the FY
2009 adopted operating budget and the 2009 population estimate; per student,
locally funded educational expenses were determined from the FY 2009 adopted
operating budget and the 2009 enrollment.

ƒ The market value of the proposed rental development for Phase I apartments was
determined from the projected restricted rents established by household size and
income bracket, capitalized by a 8.65% cap rate. The market value of Phase II
apartments for seniors was based on the relationship between unit size and rent
with respect to Phase I apartments, and similarly capitalized by a 8.65% cap rate.
The market value of the market rate development reflected the construction cost
factored up by margin of additional soft costs and developer fees. The land

6.4-11
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

values of the parcels were not included in the market value estimate as they are
already under taxation.

Conclusions
Phase I
The 177 units of workforce housing with 376 projected residents and 14 projected
public school students under affordable shelter rents is projected to generate real
property taxes of approximately $726,303 in the absence of a PILOT, based upon
a market value of $27.5 million for the residential component, and variable
expenditures of $472,291 per year, for an annual recurring tax benefit of
$254,012. Assuming the Phase I development makes a PILOT payment, in lieu of
property taxes, the annual payment of $88,500 will be less than the annual
variable expenditures by $383,791.

Phase II
The 59 units of senior housing with 83 residents and no public school students is
projected to generate real property taxes of approximately $243,900, based upon a
market value of $9.2 million, and variable expenditures of $64,093 per annum, for
a recurring tax benefit of $179,807. No alternative PILOT payment is assumed.

Phase III
The 140 units of market rate housing with 246 residents and 11 public school
students is projected to generate real property taxes of $1,164,217, based upon a
market value of $44.1 million, and variable expenditures of $332,917 per year, for
an annual recurring tax benefit of $831,300.

The maximum variable municipal expenditures that could be incurred by all residential
phases of the proposed development are $869,301.00 with a net benefit to the City of
$627,316.00 annually for all three Phases. Additional benefits to the City would be
generated by retail spending in the area and onsite, in addition to, the financial
commitments of the applicant.

6.4-12
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

Based on the above analysis, the proposed development would have a net positive benefit
on the City of Mount Vernon and the Mount Vernon School District.

Table 6.4-13 Annual Fiscal Impact of Atlantic Redevelopment Proposed Development

Cost to City Taxes Liable Payments to Net Benefits to
Building from in Absence of City with the City of Mount
Phase Description Services* PILOT PILOT Vernon**
Workforce
I Housing $472,291 $726,303 $88,500 -$383,791

II Senior Housing $64,093 $243,900 $0 $179,807

Market Rate
III Housing $332,917 $1,164,217 $0 $831,300
Total All 3 Buildings $869,301 $2,134,420 $88,500 $627,316
Note:  * Services consist of School, Public Works, Public Safety including Fire, Social Services, Recreation, Library 
           ** The difference between the cost to the City of Mount Vernon and the taxes/PILOT for each phase of the project 

6.4-13
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Draft Environmental Impact Statement
203 Gramatan Avenue, 144 Crary, and 30 Oakley, Mount Vernon, NY

Figure 6.4-2 Census Map with Study Area Delineation

6.4-14
Ethan C. Eldon Associates