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Pair Of Yonkers Businesses Get Help From IDA

YONKERS, N.Y. – A Cross County Shopping Center hotel and a Central Avenue cabinet supplier will get a helping hand from the Yonkers Industrial Development Agency.

The agency voted Wednesday to approve a combined $1 million in sales and mortgage tax exemptions, plus a property tax break to be negotiated later, for the pair of planned businesses.

“These investments in hospitality and manufacturing indicate the continued growth of Yonkers despite a difficult economy,” Mayor Mike Spano, who chairs the YIDA, said in a press release. “Business is interested in Yonkers, and we are turning that interest into investment and jobs.”

The YIDA’s assistance will provide Instock Cabinets Inc., which purchased the former Stewart Stamping factory at 630 Central Park Ave. in 2011, with a sales tax exemption of about $84,000 on materials to be used in the renovation.

The YIDA will also provide the manufacturer with a property tax abatement to be negotiated.

Yonkers officials say Instock will spend an estimated $2 million to renovate and equip the building, with plans to convert the facility into a showroom and assembly plant for cabinets. The project will bring 40 new permanent jobs to Yonkers and fill a building that has been vacant for six years, the mayor’s office said in a press release.

“Manufacturing is becoming an endangered species in New York State, but we are showing it can work in Yonkers,” Spano said. “These are important skilled jobs to have in our community.”

The second project is a planned $26.2 million conversion of an eight-story office tower at the Cross County Shopping Center into a national-brand hotel.

The hotel, whose brand has not been announced, will have 155 rooms and consist of the original 55,000-square-foot office tower plus 17,000 square feet of newly constructed space, the mayor’s office said.

The YIDA will provide about $702,000 in sales tax exemptions for the construction phase, a mortgage tax exemption of about $277,000 and a property tax abatement to be determined upon further analysis. The project will create up to 100  construction jobs plus 28 permanent jobs, the mayor’s office said.

“A new hotel in the Central Avenue Corridor indicates the City’s transformation as a regional destination,” Spano said. “It’s a sign that Yonkers is increasingly a place to visit and to do business.”

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