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Yonkers, NY - The Board of Yonkers Industrial Development
Agency (IDA) unanimously approved an economic development
package for Central Avenue Chrysler Jeep Dodge Inc. that will
allow for significant renovation and expansion of its current
facility.
The dealership has been in Yonkers since 1954 and currently
occupies a 16,599 square-foot facility at 1839 Central Park
Avenue. The renovations will begin this Spring and are
expected to be completed by the end of 2010.
“For decades, Central Park Avenue in Yonkers has been a
vibrant and flourishing retail haven that has attracted
consumers from across the region,” said Mayor Philip Amicone,
chairman of the Yonkers IDA. “At a time when the American car
industry is still shaking off the aftereffects of this painful
recession, we are delighted that Chrysler Jeep Dodge Inc. is
able to stay and expand its business in our great City,
providing jobs for our residents and solidifying our position as
the leading retail destination in Westchester County.”
The estimated $1 million project will feature a new 2,750
square-foot showroom space for all Chrysler brand vehicles and a
new 750 square-foot customer service waiting area equipped with
handicapped accessible bathrooms. In addition, there will be an
arch constructed in the front of the facility creating a raised
elevated look – making the dealership highly visible to attract
new customers who pass by. The project will create 10 new
full time jobs, 10 construction jobs and will also allow the
dealership to keep 80 permanent jobs.
The economic inducement package from the IDA for this project
includes a mortgage tax exemption and a sales and use tax
exemption for materials and equipment used in construction. The
Board also directed IDA staff to negotiate an amendment to the
existing full tax pilot agreement.
“Bolstering our retail sector is key to generating tax
revenue for the City, but more importantly, it keeps jobs in
Yonkers and attracts other businesses to the area,” said Ellen
Lynch, president and CEO of the Yonkers IDA. “With the support
of the IDA and its tax incentive programs, Yonkers retail sector
has boomed over the past year – with new projects in progress
across the City. Our success and our renaissance is a
direct result of the wonderful opportunities we can offer to
business leaders and entrepreneurs.”
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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