Save Our Armory Committee Says Echo Bay Needs Alternate Proposal by Peggy Godfrey (from Westchester Times Tribune, December 2008)
The Save Our Armory (SOA) Committee according to its co-chairman, Peter Parente, favors "development and wants the city of New Rochelle to flourish." However the Committee has been bombarded by requests to "do something," particularly to show an alternative plan for the Echo Bay area.
The message about the Echo Bay proposal needs to reach the public. Forest City Residential wants to create a development with homeowners and renters. Since there will be 700 rental units an IDA tax abatement will be possible. This would mean higher taxes for the residents. The City Yard will have to be moved to Beechwood Avenue and will require a $2.5 million study just for the relocation. Another 6% of the city taxes collected every year will be needed to bond for the relocation of the City Yard. The bottom line, according to Parente is, "We're going to owe more than Forest City Residential brings in" revenue to the city.