Public hearing for a mixed-use project at 277 North Avenue.

NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Title 1 of Article 18-A of the New York State General Municipal Law (the "Act"), will be held by the New Rochelle Industrial Develop- ment Agency (the "Agency”) on Wednesday, February 25, 2026, at 7:30 p.m., local time, at New Rochelle City Hall in the City Council Conference Room, 515 North Avenue, New Rochelle, New York 10801, in connection with the following matter:

The Agency previously appointed 277 NR PRINCIPAL LLC (herein, the "Company") as agent to undertake a certain project (the "Project") consist- ing of: (1) the Agency taking title, possession or control (by deed, lease, license or other- wise) of certain land common- ly known as 277 North Avenue, City of New Rochelle, West- chester County, New York, being more fully identified as tax map number Section 1, Block 239 and Lots 29 and 33 (the "Land") and the exist- ing improvements located thereon, consisting principally of an approximately 27,000 square-foot office building (Lot 33) and an approximately 3,000 square-foot commercial building (Lot 29) (collectively, the "Existing Improvements"); (2) the demolition of the Existing Improvements; (3) the construction of a Class A twenty-three (23) story mixed-use commercial/resi- dential rental project contain- ing approximately 488,000 gross square feet of space, consisting more fully of the following: (a) approximately 378,000 gross square feet of residential rental area of which approximately 326,000 square feet is net rentable space and including approximately 442 residential rental units, of which 10% will be offered as affordable rental units to those earning 80% of the average median income; (b) approximately 18,000 square feet of amenities; (c) approxi- mately 13,000 square feet of mechanical, storage and back- of-house space; (d) approxi- mately 13,000 square feet of commercial retail space; and (e) an approximately 66,000 square-foot parking garage with 433 parking spaces and valet staff (collectively, the "Improvements"); and (4) the acquisition and installation by the Company in and around the Land and the Improve- ments of items of equipment and other tangible personal property (the "Equipment"; and, together with the Land, the Existing Improvements and Improvements, collec- tively, the "Facility").

By resolution adopted by the Agency on July 25, 2018 (the "Authorizing Reso- lution"), the Agency autho- rized the undertaking of the Project, and the Company and the Agency thereafter entered into a certain (1) Agent and Financial Assistance and Project Agreement, dated as of August 1, 2018, (2) Lease Agreement, dated as of August 1, 2018 (the "Lease Agree- ment"), (3) Leaseback Agree- ment, dated as of August 1, 2018 (the "Leaseback Agree- ment"), (4) Payment In Lieu of Tax Agreement, dated as of August 1, 2018 (the "PILOT Agreement"), and (5) related documents (collectively, the "Agency Documents"). In connection with the Project, the Agency autho- rized certain financial assis- tance for the benefit of the Company in connection with the Project consisting of: (1) a sales and use tax exemp- tion for purchases and rentals related to the Project, (2) an exemption from mort- gage recording taxes, and

(3) a partial real property tax abatement structured under the PILOT Agreement requir- ing the Company to make payments-in-lieu-of-taxes for

the benefit of each municipal- ity and school district having taxing jurisdiction over the Project (collectively, the "Financial Assistance"). Pursuant to the Lease- back Agreement, and in connection with the proposed transfer of ownership of the Project to 277 NORTH AVENUE GP LLC, or an entity formed or

to be formed on behalf of the foregoing (the "Assignee”), the Company has requested the Agency's approval of the proposed assignment of the Agency Documents (collec- tively, the "Assignment") to the Assignee, who will be the owner/operator of the Facility. The Assignee has request- ed the Agency re-commence the benefits under the PILOT Agreement in favor of the Assignee (the "Additional Financial Assistance"). A representative of the Agency will, at the above-stat- ed time and place, hear and accept written comments from all persons with views in favor of or opposed to the Financial Assistance, the Addi- tional Financial Assistance or the location or nature of the Facility. At the hearing, all persons will have the oppor- tunity to review the applica- tion filed by the Company with the Agency and an analysis of the costs and benefits of the proposed Facility. Dated: February 15, 2026 NEW ROCHELLE INDUSTRIAL DEVELOPMENT AGENCY By: Adam Salgado Executive Director Publication Dates LNYS0456706