The average citizen may not be aware of it, but quite often, a key driver behind economic, workforce, and overall quality-of-life growth within a community stems from what’s called an industrial development authority (IDA).
Through financial incentives via private investment, IDAs facilitate construction, renovation, and development projects for the express purpose of enhancing the lifestyle and economic well-being of the municipalities they serve. It won’t surprise you, then, to learn that Yonkers has an IDA of its own, and it had a banner year in 2019.
Here’s a quick glance of just some of what the Yonkers Industrial Development Authority (YIDA) helped stimulate in 2019 alone:
$851M
total private investment in YIDA-incentivized projects
2,246
new residential units
1,953
new jobs (construction, permanent, or part-time)
105,430
square feet of projected new retail and commercial space
$3.8B
in development projects are either approved, underway, or have been completed in Yonkers
$502M
total private investment in Extell Development’s Point Street Landing project, the largest single YIDA-incentivized development project of 2019
