The Yonkers Industrial Development Agency (YIDA) has added up the private investment in residential and commercial developments its incentives brought to the city in 2021 and the figure tops $508 million.
The IDA reports that the developments are projected to create 1,009 new residential units and more than 1,739 construction jobs.
Yonkers Mayor Mike Spano, who is chairman of the YIDA, said, “2021 was another banner year for the ongoing redevelopment of Yonkers. Our successes are paving the way for more long-term interest and investment in our city.”
The YIDA reports that since 2019 it has provided financial incentives to projects representing a total private investment of approximately $1.48 billion. The developments are projected to create approximately 3,259 new residential units and approximately 3,365 construction, full-time and part-time jobs. The YIDA points out that 10% of all new residential units are set aside for affordable housing.
In 2021, a lot of attention was focused on YIDA”™s providing financial incentives for the $60 million Phase 2 expansion of Lionsgate”™s motion picture studio complex at iPark on the Yonkers waterfront. In 2020, the YIDA had approved financial incentives for the $60 million Phase 1 of the project.
Other projects that received YIDA incentives in 2021 included:
- Point & Ravine, Conifer Realty”™s 146-unit affordable housing complex at Point Street and Ravine Avenue;
- 56 Prospect Street, a 126-unit apartment building by 56 Prospect Holdings LLC;
- Horizon at Ridge Hill, Israeli developer Azorim”™s project with 184 residential units;
- The 113-unit Hudson Hill, a development at 76 Locust Ave. by Westhab for low-income families;
- Greyston Bakery”™s warehouse project at 40/44 Runyon Ave.
YIDA describes its mission as including “undertaking projects and programmatic initiatives in furtherance of and to advance the job opportunities, health, general prosperity and economic welfare of the people of the City of Yonkers and to improve their recreational opportunities, prosperity and standard of living.”
The incentives the YIDA offers include: mortgage recording tax exemptions; state and local sales tax exemptions; PILOT (payment in lieu of taxes) programs for property taxes; and access to tax-exempt bond financing.
