The Yonkers Industrial Development Agency (YIDA) has given preliminary approval to a financial incentive for a power line project while giving final approval to financial incentives for a mixed-use residential complex.
The YIDA voted final approval of financial incentives for Teutonia Hall, a $458 million project to be built close to the Yonkers waterfront. Two phases of construction are planned. The project would create 906 apartments, with 91 priced in the affordable category. The project would include 41-story towers.
Teutonia Hall is at 4 Buena Vista Ave. It is planned to include 2,900 square feet of street-level commercial space and 907 parking spaces. The parking would be in the lower six stories of the buildings. The anticipated construction start date for Phase 1 is September of this year with completion in December of 2027. Construction of Phase 2 is anticipated to start in December 2028 with completion in December of 2031.
Project developer AMS Acquisitions was approved for $12,924,830 in sales tax exemptions and $4,549,646 in mortgage recording tax exemptions. It is estimated that the two phases of the project would create 1,100 construction jobs. The developer is also requesting a 20-year PILOT (payment in lieu of taxes).
The YIDA voted preliminary approval of financial incentives for Champlain Hudson Power Express (CHPE) for the underwater installation of part of 339-mile 1,250 megawatt electric transmission line along 4.3 miles of the Hudson River in Yonkers. A megawatt is one million watts of electricity. The cost of the section of the line in Yonkers is estimated at $22.5 million.
The CHPE cable would carry power generated by hydroelectric stations in Quebec to New York City. Installation of the section of cable in the Hudson River in Yonkers is currently planned to take place during August and September of next year. 2025. CHPE is requesting a sales tax exemption of $1,996,875 from the YIDA.
