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IDA backs office project
John Golden
Jan-08-10, 11:14 AM
The Yonkers Industrial Development Agency will negotiate a financial
incentives package with a Yonkers-based developer who plans to construct
an office building at a long-vacant Central Avenue site.
Hampshire Management Co. L.L.C. expects to spend some $4.2 million to
demolish a dilapidated structure at 999 Central Ave., the former site of
Loral Electronics, and build a three-story, 27,000-square-foot office
building with 200 parking spaces. Expected to begin this spring, the
project will create an estimated 50 construction jobs and 40 to 50
permanent jobs.
IDA inducements for the project could include sales and use tax
exemptions for construction materials and equipment, a real property pay
agreement in lieu of taxes and a mortgage recording tax exemption. The
IDA will approve a final development agreement after holding a public
hearing on the project.
“As the economy slowly heads toward recovery, we must be ready to
accommodate new business prospects that will seek to relocate and bring
jobs to Yonkers,” said Mayor Philip Amicone, who also is chairman of the
city IDA. “Having sufficient stock of quality office space will be
essential to our success.”
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