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 Yonkers, NY - The Board of 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 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 $27,390,000 project will include 92,500 square feet 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 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.”
About Yonkers IDA
Chaired by Yonkers Mayor Philip Amicone, Yonkers IDA is a public benefit corporation that provides a wide range of business development incentives to companies that choose to locate or expand in Yonkers. Since 1982, the IDA has generated millions of dollars in private investment within the city. Yonkers IDA induces companies to invest their capital in major economic development projects that create jobs and increase the city’s tax base, thereby improving the quality of life for all Yonkers residents.
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