Yonkers IDA gives preliminary approval of $60 million financial incentives

Yonkers, NY The Board of Directors of the Yonkers Industrial Development Agency (YIDA) at its February 19^th meeting gave preliminary approval of financial incentives for construction of the $60 million first phase of a studio complex for Lionsgate motion picture company. The approximately 109,000 s/f development, which would be built on the parking lot of the iPark complex, will include 70,000 s/f of studio space and 38,600 s/f of ancillary spaces. The project is anticipated to create between 285 to 420 full-time permanent jobs as well as 400 construction jobs.

“According to the industry experts, a lot of the talent wants to be in the New York metro area and Yonkers fits very well into this model. We think this project will have a transformational effect on the downtown of Yonkers,” said project developer Joseph Cotter in his presentation to the IDA Board.

He noted that the multiplier effect for this type of development is one of the highest in the industry. It is estimated that the development will create some $65 million annually in economic development due to the additional companies that will relocate to service the studios such as caterers and production people.

“We are very excited to have this transformative project in our downtown. This development will position the city of Yonkers as the New York area’s premier filming destination,” said mayor Mike Spano who serves as chairman of the Yonkers IDA. 

In other business, the Yonkers IDA gave preliminary approval of financial incentives to Waverly Properties, Inc., owner of Westchester Metal Works, for an $8 million expansion of its operations in the city. The company plans to relocate its operations to a new 20,000 s/f facility at 1100 Saw Mill River Rd. The company, which is a metals manufacturer and fabricator, is currently located at 55 Knowles St. in the Ludlow section.

Westchester Metal Works, which employs 30 Yonkers residents, said it plans to add 22 more employees at the new larger facility. In order to move to the new location, the company needs to remove debris and concrete slabs at the site which it estimated would cost $4 million. It is anticipated that construction of the new facility would create approximately 100 construction jobs.       

Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers.