YIDA - Promoting Job Growth and Economic Development

​The Yonkers Industrial Development Agency (YIDA) is а public benefit corporation bolstering Yonkers’ global competitiveness. It supports existing businesses and attracts new ones. Its board comprises experts from diverse fields who drive its mission forward. The leadership team has experience in state assembly, city administration, economic development, government relations, marketing, and more.

YIDA’s assistance encompasses various incentives primarily focused on tax relief. It offers exemptions on state and local sales taxes, access to bond financing, and implements a Real Property Tax Abatement Program. However, state laws restrict the agency’s assistance to healthcare, senior services (housing and facilities), construction projects, existing businesses seeking to expand or modernize within Yonkers, and those relocating outside the city.

Over the past decade, YIDA has been instrumental in advancing projects across residential, commercial, and mixed-use developments in Yonkers. Notable projects include The Abbey on the Park, Park Square, Bridgewater North, Miroza Tower, Jackson Terrace, and Dayspring Commons, and span from apartment buildings, senior housing, commercial/retail developments, and industrial/manufacturing facilities. YIDA has also issued bonds to support these developments over the years.

The agency also offers crucial support during economic hardships through its State Disaster Emergency Grant and Loan Program. Non-profit corporations and small businesses with fewer than 51 employees have since benefitted from grants up to $10,000 and loans not exceeding $25,000, particularly during the pandemic, to facilitate purchasing personal protective equipment and help with other COVID-19-related needs. Those seeking assistance can contact the City of Yonkers’ Business and Development division and the Department of Planning and Development for further support.

To benefit from YIDA’s assistance, applicants must complete an application form and fill in their personal details and project specifics like costs, tax agreements or exemptions, and job creation plans. The application also requires disclosure if the project will result in the closure of other facilities in New York or involve an out-of-state employment plan. Once submitted along with supporting documents and a non-refundable fee of $600, the application undergoes a review to assess eligibility for assistance before final approval.

A preliminary approval (an inducement) confirms a project’s eligibility for incentives. Applicants or their representatives must attend IDA meetings to address any queries or requests from board members. Following inducement approval, the benefitting company/applicant can start negotiating the payment in lieu of taxes (PILOT) for property tax abatement. A public hearing allows community input on proposed projects before final resolution. The process concludes with a project closing, where different entities, including YIDA, applicants, and legal counsel, finalize all legal documents and establish a payment structure.

Each year, YIDA publishes а comprehensive budget report detailing its financial activities, including operating and non-operating revenues, expenditures, and changes in net assets. This report ensures transparency and accountability, evaluates performance, and guides resource management. It also informs the public about YIDA’s activities and economic impact and promotes business collaboration.

YIDA’s success is rooted in its bylaws, which define the corporation’s governance structure, the roles and powers of its leadership, and procedures for meetings, among other aspects. Article V of the bylaws, for example, outlines general operational rules, emphasizing the importance of a majority vote for agency actions. Committees assist with various tasks, such as financial auditing and governance. The bylaws also include protective measures for YIDA’s personnel (e.g., officers and employees), offering indemnification against legal challenges related to their official duties.

Besides bylaws, YIDA operates under several policies that guide its operations and decision-making processes, ensuring compliance with applicable laws. Key policies cover procurement, investment, governance, and a code of ethics.

Andrew Maniglia

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