Posh New York Suburb Plans to Raise $189 Million Through Bonds
Westchester County aims to issue $189 million in bonds for capital improvements, backed by a top AAA rating from Fitch Ratings
Westchester County, New York, Bonds, Fitch Ratings, Capital Improvements
New York: Westchester County is gearing up to issue about $189 million in general obligation bonds. Fitch Ratings has given this debt a solid AAA rating, which is pretty impressive.
This wealthy area, which includes suburbs like Scarsdale and Rye, plans to use the funds for various capital projects. They’re expecting to sell these bonds in February.
In December, the county’s lawmakers approved a hefty $2.5 billion budget for the 2025 fiscal year. Out of that, they’ve set aside $373 million for improving housing, environmental facilities, and infrastructure like roads and bridges.
According to Fitch analysts, recent growth in sectors like biotech, healthcare, and retail is really boosting the county’s economy. Morgan Stanley is even renovating its corporate campus in Harrison, which should create around 2,700 permanent jobs.
Plus, there’s a new luxury apartment complex being built in Harrison, and Hastings-on-Hudson is getting a $121 million film and TV production studio. That’s a lot of exciting development happening!
The analysts noted that the tax base is seeing a rise in both residential and commercial projects, especially in places like Harrison, Ossining, Sleepy Hollow, and Hastings-on-Hudson. They expect property values to keep climbing as housing prices go up and the local economy expands.
Westchester County plans to issue the bonds in three series, with most being tax-exempt. About $29.9 million of the bonds will be taxable. They’re looking to sell these competitively during the week of February 3.