Talk of the Sound has confirmed that the Scarsdale-based developer behind the 35 Maple Avenue project gave money to New Rochelle Mayor Noam Bramson.
Joel B. Mounty of 700 White Plains Road in Scarsdale, NY contributed $1,000 to the Bramson for Mayor campaign just weeks before a proposed a deal was made public to convert ownership for the senior housing building at 35 Maple Avenue from not-for-profit to for-profit.
Mr. Mounty owns Mountco Construction and Development Corporation.
Under the deal, as originally proposed, the City of New Rochelle would get $60,000 per year for 30 years, going up 2.5% a year annually. The new owner would pay a PILOT (payment in lieu of taxes) of $150,000 upon signing the agreement. Additional funds for the City were negotiated based on some last minute negotiations which reportedly secured an additional $170,000.
Development Commissioner Michael Freimuth told City Council the renovation project would cost about $11.8 million. Most of that ($7.3 million) would be funded through federal tax credits. The balance would come from then-unnamed private investors.
A number of promises have been made for renovating the building, something residents have heard before. Additional promises have been made that rents would stay the same. According to proponents of the deal, any amount over 30 percent of annual income would be covered through the Section 8 program at the U.S. Department of Housing and Urban Development.
At no point during the City Council discussions did Mayor Bramson disclose that Mounty was a contributor to his campaign.
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