The Office of Economic Development (City Hall, Yonkers, NY 10701-3885, (914) 377-6797) is responsible for planning, designing and implementing Economic Development strategies as well as acting as a key liaison between public and private sectors in the City of Yonkers. The Office of Economic development is also instrumental in helping to leverage finances from both the public and private sectors – funding that is critical to help the City attract new businesses, facilitate enterprise development and assist existing businesses with expansion and troubleshooting.
The Office of Economic Development is a key facilitator and catalyst in launching activities that are designed to achieve the objectives of the City of Yonkers’ overall economic development. It helps to leverage funds, coordinate activities and communications between different agencies and levels of government. The Office of Economic Development provides accurate, up-to-date and credible information to potential prospects interested in investing, locating or expanding in the City of Yonkers.
The Yonkers Industrial Development Agency
The Yonkers Industrial Development Agency (“YIDA”), a public benefit corporation under New York State law, was established in 1982. YIDA (nValley Technology Center, Yonkers, NY 10701 • 914-509-8651) is officially designated to promote and support the development of commerce in the City of Yonkers with the aim of bolstering employment and stimulating economic growth and prosperity.
YIDA is organized to assist industrial, commercial and not-for-profit organizations (“participating organizations”) in obtaining long-term, low-cost financing principally through the issuance of tax-exempt industrial development bonds (IDBs). Financing is provided for commercial property acquisition, rehabilitation and development as well as the purchase of equipment.
IDBs issued by the YIDA are generally collateralized by property that is then leased to participating organizations and retired by lease payments. These bonds are not obligations of YIDA, the City, the County, or the State of New York.
YIDA does not record the assets, liabilities or rental operations resulting from the completed IDBs in its accounts. Its primary function is to arrange the financing between borrowing companies and bond holders – and funds arising from there are controlled solely by trustees or banks acting as fiscal agents. As compensation for providing its liaison/advisory service, the YIDA receives bond administration fees from the borrowing companies.
YIDA is governed by a Board of Directors which establishes official policies and reviews and approves requests for financing assistance. Its membership, prescribed by statute, includes both public officials and private business leaders.