Yonkers IDA approves economic development package for Macy's expansion; $27.39 million project will include 92,500 s/f retail, storage and parking

The board of the Yonkers Industrial Development Agency (IDA) unanimously passed the final resolution to provide an economic development package allowing Macy's to proceed with its proposed expansion at the Cross County Shopping Center. This vote followed on the heels of a public hearing that gave community members the opportunity to comment on the project and inducement proposal. The $27.39 million project will include 92,500 s/f of new retail and storage space as well as new public parking facilities. The expansion will generate 225 new construction jobs while the expanded Macy's is estimated to create 54 new permanent positions and retain 375 existing jobs. The final inducement package from the IDA includes a sales and use tax exemption for materials and equipment used in construction. The board gave the IDA authority to negotiate a structured property tax agreement. "The Yonkers IDA is using every tool at its disposal to attract new business and retain important existing businesses like Macy's, which are the foundations upon which the city's future is built," said mayor Philip Amicone, chairman of the Yonkers IDA. "Yonkers is a dynamic city with the market fundamentals to compete globally and this expansion, at a time when Macy's is deferring expansions elsewhere, is a testament to its strength." "The IDA is delighted to be able to provide Macy's with the support necessary to move forward with this major expansion," said Ellen Lynch, president and CEO of the Yonkers IDA. "This project is crucial to a continued revitalization of the Cross County Center that will increase revenues for the city of Yonkers and draw in new shoppers. The expansion is also a clear indicator of Yonkers' vibrancy and attractiveness as a center of business and industry."