Jenna Goudreau of Forbes.com has an interesting look at 2010 projections by Moody's Economy.com: Top 10 States People Are Fleeing. The data suggests a good news/bad news scenario with the implication that building more apartment buildings in New Rochelle may be unwise:
At No.1 on our list, New York is expected to wave goodbye to 49,000 more people than it gains this year. The state has seen a steady loss of residents over the past five years, losing an average of 100,000 people per year. Karp explains that, because New York is a large state, it may report greater movement than others, but notes that population size is not the only reason residents are fleeing.
In order to move, you need to be able to sell your home," says Karp. "The housing market [in New York] has not gone through the meltdown that other states have gone through."
Nelstad Materials went up for auction this past Tuesday as part of a bankruptcy proceeding. Among the items put up for auction were cubic yard mixers, a 5000 Gallon Hot Water Heater, a lease on the land running until 2016, even the "Nelstad Material Corporation" brand and the company phone number. The mixers sold, the lease did not. The big cement mixer trucks with the well-known "Nelstad" name on the side were going for about $3,500.
Nelstad has been in financial trouble for the past several years. Striking workers had become a familiar site on Route 1 outside the plant.
Patrons lined up for bacon, egg and cheese sandwiches in downtown New Rochelle are being blasted this morning by chants of "give peace a chance" blaring over the stereo system. At the Starlite II Diner in downtown New Rochelle, owner Michael Dietz is playing all John Lennon music all day and all of the time.
The walls of the tiny diner, a local gathering place for years, are usually lined with Lennon and Beatles memorabilia. Today it's Christmas decorations but Lennon's memory pulses through the restaurant.
Deitz wants more Lennon music so if you are planning on stopping in today bring your favorite Lennon tracks on CD and ask him to spin the disc while you eat.
If you have memories of that tragic day of December 8, 1980 share them here. Where were you that day? How did you hear the news?
The Journal News is reporting that Nelstad Materials is up for auction today -- lock, stock and water-front leasehold -- as part of a bankruptcy proceeding.
There will be a live auction starting at 11 am at 40 Huntington Place in New Rochelle, over near the Taco Bell and CVS on Route 1. Inspection will begin this morning at 9 am with registration commencing at 10 am.
Included will be a Turn-Key Concrete Plant, Under-Market Lease on Waterfront Property and assets including cubic yard mixers, a 5000 Gallon Hot Water Heater, a lease on the land running until 2016, even the "Nelstad Material Corporation" brand and the company phone number.
New Rochelle, NY—Steven D. Horton, Executive Director of the New Rochelle Municipal Housing Authority, announced today that the Housing Authority has filed an application for funding with the New York State Housing Finance Agency.
The planned Redevelopment of the Robert Hartley public housing complex has secured all necessary local approvals, culminating with a sales tax exemption approved by the Industrial Development Agency (IDA). These approvals include:
City Council approval of a Phase I PILOT (Payment in Lieu of Taxes) Agreement
IDA approval of a sales tax exemption
“As a result of the collaborative work of the City, the Developer and the Housing Authority, we are now in a position to seek financing,” said Steven D. Horton.Read more
New Rochelle Finance Commissioner Howard Rattner announced today that the City of New Rochelle's Bond Rating will but downgraded tomorrow.
We have been informed by Moody’s Investor Services that our bond rating will be downgraded effective tomorrow 12/2/10. Moody’s will send official notification to the newswires on that date. You may recall that the city was upgraded to a rating of Aa3 in early 2007, the first such upgrade in about 70 years. Earlier this year, many of the rating agencies recalibrated municipal bond ratings to enhance the comparability of ratings across entire portfolios of credit ratings. At that time, Moody’s changed our rating to Aa2, a step above the previous rating. This was simply a change in scale and had nothing to do with credit worthiness. Recently, Moody’s performed a periodic “surveillance” on the city’s financial condition, a process they are required to do for all of the clients that they rate. As a result of that surveillance, Moody’s has downgraded the City’s bond rating from Aa2 to Aa3. While acknowledging the City’s sizeable tax base, wealth levels, and continued budget controls, Moody’s cites a weakened financial position resulting from declining sales tax and other revenues and the deterioration of our fund balance over the past three years. Moody’s has revised the ratings of 17 municipalities in New York State since the recalibrated rates were established. Fifteen of those ratings were downgraded including the Village of Harrison (downgraded from Aa2 to Aa3), the Village of Tuckahoe (downgraded from A1 to A2) and Monroe County (downgraded from A2 to A3). The City’s new rating of Aa3 is still a relatively strong rating and is considered by Moody’s to be “of high quality and subject to very low credit risk”. Comparatively, this rating is lower than White Plains, equal to Mount Vernon and stronger than Yonkers. The impact of this rating change will mean slightly higher interest rates on future debt obligations when the City goes to market.
The Chamber of Commerce of New Rochelle has launched a new web site. The Chamber is also now on Facebook, Twitter, YouTube and LinkedIn and offers link sharing via Digg, Reddit, Stumbleupon, and others.
Click the eye-catching image header (linked above) to visit the Chamber of Commerce of New Rochelle web site.
Chamber President Cynthia Lobo, in an open letter, is encouraging local businesses to re-engage the Chamber online:Read more
The Solomon Katz Breast Center at Sound Shore Medical Center (SSMC) is partnering with A & N Heating Oil of New Rochelle for Breast Cancer Awareness.
Jason Costa, Vice President and CEO, and Paul Fortuna, President and COO, of A & N Heating Oil approached Sound Shore Medical Center administrators with their desire to publicize Breast Cancer Awareness in the area and to name the Solomon Katz Breast Center as the recipient of their humanitarian efforts. So, during October, which is National Breast Cancer Awareness Month, the public will start seeing a non-traditional oil truck making deliveries.
A & N’s commitment includes not only painting one the company’s trucks pink and white – for its lifetime – and including a breast cancer awareness message, but also a portion of the proceeds from each gallon delivered by the Pink Truck will be donated to the Solomon Katz Breast Center at Sound Shore Medical Center. This partnership is just in time for the 2010 heating season. Anyone wishing to support A & N’s commitment to the Solomon Katz Breast Center by ordering heating oil from the pink and white truck can contact Mr. Costa at 914.637.0070.Read more