WESTCHESTER COUNTY, N.Y. -- The Westchester County Board of Legislators recently approved an extension to the lease assignment agreement for Signature Flight Support Corporation, a fixed-based operator, which leases facilities from the County Airport.
A condition of the lease requires Signature to discontinue a lawsuit that it had been pursuing that could have had dire financial consequences for the Blind Brook School District, the Village of Rye Brook, the Town of Rye and Westchester County.
Signature had initiated the lawsuit to have its taxable status changed to tax-exempt for the years 2008-2011.
If Signature were to prevail in state Supreme Court, the Town of Rye would have had to refund all of the property taxes paid by Signature since 2008; approximately $3 million.
"This agreement is really a win-win-win-win in that we have protected the taxpayers by ending a lawsuit that could have been very costly," Legislator David Gelfarb (R- Harrison, Port Chester, Rye Brook) said in a statement. "The airport will benefit from having a long-term business tenant there that will invest in major capital improvements and continue to service general aviation clients, Westchester residents and the business community will benefit from the growth in jobs and business activity. Most importantly, we have protected our municipalities and schools from what could have been millions of dollars in returned taxes."