YONKERS IDA PROVIDES INCENTIVES FOR TWO CONSTRUCTION PROJECTS

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has finalized incentive packages for two development projects in the city. The first project consists of the renovation of the former Tyco building, a 50,000-square-foot industrial property located at 78 Fernbrook St. Upon completion, the building will house the manufacturing and warehousing operations of Hudson Scenic Studio, a stage production and design company that is currently located at 130 Fernbrook St. The project is expected to cost $2.66 million. Financial assistance from the city included bond issuance, a sales and usage tax exemption for construction materials and equipment, and a structured property tax agreement. The second project is the $47 million first phase of the renovation of Grant Park Apartments. The affordable housing project is situated on a 12-acre site that formerly contained the Mulford Gardens public housing development. Phase I of the project will include the construction of 100 units in a mix of one-, two-, and three-bedroom apartments and townhomes. Additional construction will include several pocket parks and two community buildings. Ultimately, the project will contain 240 units and is expected to cost approximately $109 million. The project is being undertaken by Richman Group Development Corp. and Landex Development Corp. Completion is scheduled for late 2010. The financing package totaled $2.36 million and includes, a sales and usage tax exemption, as well as a mortgage tax exemption. In addition YIDA will soon hold a public hearing for a financial assistance package for the 244 South Broadway project. The $5 million renovation project will include the creation of 25 rental residential units, 11 of which will be designated affordable housing, as well as three ground-level retail spaces.