Yonkers IDA approves incentives for Lionsgate expansion

Plans for expanding the new Lionsgate movie and TV production studio in Yonkers are moving forward even before the formal opening of the facility takes place on Jan. 11.

The Yonkers Industrial Development Agency (IDA) has given final approval to financial incentives for a second phase of studio development at the iPark Hudson site near the city”™s waterfront and downtown train station.

The IDA”™s board of directors approved $750,000 in mortgage tax exemptions and $2.22 million in sales tax exemptions for the $60 million Lionsgate Phase Two expansion. Plans call for additional studio space along with support and accessory spaces, improvements to surface parking areas facilities and other enhancements.

The expansion involves approximately 150,000 square feet of space outdoors and in Buildings 3, 4 and 5 at the iPark site.

The first phase of development has involved the construction of two 20,000-square-foot sound stages and one 10,000-square-foot sound stage with parking and additional support and accessory spaces. The second and third floors of the Phase One structure provide just over 38,000 square feet of additional space.

The IDA says that both phases of the project represent a total private investment of $120 million. Phase Two is expected to result in 80 construction jobs and the creation or retaining of between 265 to 420 permanent jobs.

The IDA board also gave final approval to financial incentives for an $8.8 million expansion project by Greyston Bakery. It involves the acquisition and interior renovation of a vacant 30,000-square-foot warehouse at 40/44 Runyon Ave. in Yonkers.

Greyston”™s incentives are $88,750 in sales tax exemptions and $69,750 in mortgage recording tax exemptions. Greyston Bakery is known for the brownies and blondies it produces for customers such as Ben & Jerry”™s Ice Cream and Whole Foods.

Greyston”™s profits support the nonprofit Greyston Foundation. The bakery was started in 1982 with the idea of providing employment for individuals who faced barriers to obtaining meaningful employment.