Yonkers renaissance continued in 2009 with help from Yonkers IDA

Despite the economy, 2009 saw the city's economic renaissance forge ahead, laying the groundwork for a positive outlook for 2010. Since January of 2009, financial incentives from the Yonkers Industrial Development Agency (IDA) helped keep the city moving forward, and made it a national model of smart economic development. In 2009, IDA-assisted projects employed 8,564 full time workers and were responsible for 1,300 construction jobs. "All across the city, Yonkers moved ahead with development that makes our community a better place to grow a business and raise a family," said mayor Philip Amicone, chairman of the Yonkers IDA. "In 2009, Yonkers had the lowest unemployment rate among New York's five largest cities. With the critical assistance of the Yonkers IDA, we not only showed how to get things done in challenging economic times, we set in motion projects that will transform the face of this city and create further growth for years to come." The Yonkers IDA offers property tax agreements, mortgage tax exemption, and sales and use tax exemptions for construction materials that can lower projects costs. These incentives free up business capital that make projects affordable.Among the ongoing projects receiving IDA assistance were: * Expansion of Macy's and the Cross County Shopping Center * Ridge Hill Village, a $900 million mega-project to open in 2011 * Opening of a Hampton Inn & Suites and a Residence Inn by Marriott * Continued progress on plans for River Park Center, the $1.5 billion, retail, housing and rec complex * 999 Central Park Ave., a $4.2 million rehabilitation of a 27,000 s/f, three-story office building * Opening of two affordable houses complexes: Croton Heights, a $23 million, six-story building with 60 rental units; and Highland Ave. senior apartments, a $20 million complex with 88 rental units. Ellen Lynch, president and CEO of the Yonkers IDA said, "2009 was a successful year for economic development in Yonkers, despite a tough climate. We focused on smart agreements that kept private businesses investing and growing in Yonkers. All of these success stories - in retail, commercial development, hospitality and affordable housing - have one important thing in common: they would not have happened without the Yonkers IDA."