YONKERS — A development agency this week approved tax breaks for $77.5 million in construction projects, including a new movie theater, and offered another firm a $6 million relocation incentive in an attempt to fill vacant manufacturing space.
At its board meeting Thursday, the Yonkers Industrial Development Agency approved the tax exemptions for a 12-screen cinema, a Yonkers Avenue car dealership, an assisted living center and a downtown apartment tower.
Quincy Amusements, Inc. expects to open its $15 million cinema next year at the Ridge Hill shopping center, employing 10 full-time workers and 110 part-timers. It will receive tax breaks on sales and use taxes for construction materials and equipment.
Yonkers Honda will get breaks on sales, use and mortgage recording taxes, and a structured property tax deal for its $3.5 million rehabilitation of 500 Yonkers Ave., where 41 people will work.
The $24 million Westchester Center for Independent and Assisted Living will receive a deal similar to Yonkers Honda's for a 141-unit complex at the former Jewish Guild for the Aged Blind at 78 Stratton St. South. The project is expected to create 75 permanent jobs.
The Greyston Foundation will receive a similar deal for its $35 million 12-story apartment tower with 95 units at 54-56 Warburton Ave. It's the first phase of a project that will restore a row of 19th-century buildings.
The IDA offered up to $6 million in financing assistance to Diversified Heat Transfer, Inc. of New York City to entice it to relocate to part of the former location of Precision Valve Corp. at 700 Nepperhan Ave. Precision Valve relocated to South Carolina, costing the city 200 jobs.
The heating and cooling coils firm is considering buying or leasing new space in Yonkers and employing about 65 people, some of whom would be new local hires.
The resolution does not commit the agency to the financing. It offers the firm an opportunity should it chose to purchase part of the Precision Valve complex.
