Two companies receiving tax benefits from the Yonkers Industrial Development Agency are in turn providing annual scholarships to graduating students in the city”™s public high schools.
Executives at Classic Residence by Hyatt and The Wishcamper Group L.L.C. last week joined Yonkers Mayor Philip A. Amicone in presenting $125,000 in scholarships to 30 students. The annual awards are part of innovative economic development agreements struck by the city IDA that offered the companies tax incentives for fully funding scholarship programs for city students.
The Classic Residence by Hyatt in Yonkers agreed to contribute $1.5 million, or $100,000 per year for 15 years, to its Investing in Youth scholarship fund. The Wishcamper Group, a real estate investment company based in Portland, Maine, and developer of Parkledge Apartments in the city, agreed to award $250,000 in Breakthrough Scholarships over a 10-year period.
Since the IDA programs began in 2001, more than $1 million in scholarships have been awarded.
 “The academic scholarships are a great example of how IDAs can offer creative incentives to businesses looking to start or expand in a city while, at the same time, vastly improve the quality of life for its residents,” Yonkers IDA President and CEO Ellen Lynch said. “In this instance, we are delighted to see the work of the Yonkers IDA and these prominent businesses generate much-needed financial support for gifted local students.”
Investing in Youth winners will each receive a $5,000 scholarship. Breakthrough Scholarship recipients will each receive a $2,500 award. To be eligible, the students must graduate this year from one of the city”™s five public high schools.
