Summary
The Children's Village project turning the vacant Workers Comp Building into the new Field Library with 22 affordable assisted-living units got its PILOT approved by the IDA. The city gets a negotiated impact fee of $33,000/year escalating 3% on an otherwise tax-exempt property, plus ~$4M in historic tax credit funding and a $1.8M parking garage grant tie-in.
At a glance
- Total mentions
- 6
- Last 30 days
- 0
Discussed at 1 meeting in the last 60 days; most recently Sep 14, 2026.
Impact analysis
The otherwise fully tax-exempt project will pay an impact fee starting at $33,000/year rising 3% annually; a related $1.8M grant supports garage improvements.
Library users, affordable housing residents, and downtown businesses that gain visitors and a renovated anchor building.
No one identified at the meeting; the fee partly offsets the loss of property tax revenue during the tax-exempt period.
Mentions & discussions (6)
Work Session and Common Council Meeting - Sep 14, 2026
A large proposed building at 418 N. Division Street drew strong neighborhood opposition over its scale, traffic and parking impacts. The council kept the public hearing open until after October 15, 2026, so the decision is still ahead.
Industrial Development Agency Meeting - Jun 23, 2026
The Children's Village project — a historic building converting into the library's new home plus 22 affordable apartments — cleared its last council hurdle last week. Closing could happen within 60 days, unlocking about $150,000 in IDA administrative fees.
Work Session and Common Council Meeting - Jun 22, 2026
Tax breaks will help convert the vacant historic building at 41 N. Division into 22 affordable apartments and a new public library space, with the property eventually transferring to The Children's Village.
Work Session Meeting - Jun 1, 2026
The Children's Village project turning the vacant Workers Comp Building into the new Field Library with 22 affordable assisted-living units got its PILOT approved by the IDA. The city gets a negotiated impact fee of $33,000/year escalating 3% on an otherwise tax-exempt property, plus ~$4M in historic tax credit funding and a $1.8M parking garage grant tie-in.
Industrial Development Agency Meeting - May 26, 2026
The IDA approved tax assistance for turning a 15-year-vacant downtown building into a new Field Library home plus 22 affordable apartments. Because both owners are nonprofits the property would be tax-exempt anyway, and the city expects roughly $946,000 in impact fees over 20 years — close to full tax revenue.
Work Session Meeting - May 4, 2026
A scaled-down, all-affordable 158-unit building on the long-vacant White Plains Linen site would clean up a brownfield, return the property to the tax rolls, and add artist/maker space and a community room. Council wants rents stretched to 80% AMI so dual-income families qualify and wants Peekskill residents prioritized in the lottery.
Related development
418 North Division Street Mixed-Use Affordable Housing
Could clean up a long-blighted corner and bring affordable homes plus a daycare and arts space, but the commission wants the height toned down before recommending it.
Minor Auto Repair Shop Special Permit — 301 North Division Street
Brings a long-vacant facility back to life with strict safeguards on traffic, hours, and vehicle storage.
41 North Division Street Project (The Children's Village – 41 Streamline LLC)
About $20 million in renovations revive a 15-year-vacant downtown anchor, bringing the library, affordable housing, new jobs, and a $1.8 million county infrastructure grant to the city.
41 North Division Street — Children's Village / Field Library adaptive reuse
Downtown gets a landmark building back in use, a modern library with regional draw, and affordable units — while the city collects a $33,000/year escalating impact fee on an otherwise tax-exempt property.
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