Industrial Development Agency

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Yonkers Industrial Development Agency
470 Nepperhan Avenue, Suite 200
Yonkers, NY 10701
T (914) 509-8651

www.yonkersida.com

Yonkers IDA - Mission Statement

The mission of the City of Yonkers IDA includes undertaking projects and programmatic initiatives in furtherance of and to advance the job opportunities, health, general prosperity and economic welfare of the people of the City of Yonkers and to improve their recreational opportunities, prosperity and standard of living. YIDA works to create economic development and job growth throughout the City of Yonkers by attracting new businesses, retaining existing ones and helping them all become more competitive in a global marketplace.

Yonkers IDA - Financial Incentives

  • Mortgage Recording Tax Exemption
  • Sales and Use Tax Exemption
  • Real Property Tax Abatement
  • Bond issuances (through Yonkers Economic Development Corporation)

Process of Obtaining Yonkers IDA Assistance

    1. Initial discussion between Yonkers IDA and the Company (the applicant) regarding project eligibility.
    2. The Company completes an application with the Yonkers Industrial Development Agency ($600.00 application fee required at time of submission of application).
    3. Yonkers IDA Board ‘induces’ the project. The approval of an Inducement Resolution basically demonstrates the board’s support of the project.
    4. Public Hearing notices appear in local newspaper and the hearing is held at a public venue.
    5. Counsels for all parties draft documents for the transaction.
    6. Yonkers IDA Board meets to approve a Final Resolution.
    7. Transaction is finalized when the applicant has obtained approvals from other City agencies and secured financing with applicant’s lending institution.