August 2012 - Empire State Development - New York State

A. City of Yonkers - Saw Mill River Daylighting Property Acquisition Capital (X917)
August 16, 2012
General Project Plan
Grantee:
City of Yonkers (“Yonkers” or the “City”)
Beneficiary Company: New Main Street Development Corporation (“NMSDC”)
ESD Investment:
A grant of up to $8,000,000 to be used for a portion of the cost of
property acquisition, closing costs and relocation costs.
Project Locations: 127, 129, 131 New Main Street, Yonkers, Westchester County;
135, 137, 141, 143, 145 New Main Street, Yonkers,
Westchester County;
147, 149, 151 New Main Street, Yonkers, Westchester County;
151B New Main Street, Yonkers, Westchester County;
153 New Main Street, Yonkers, Westchester County; and
155 New Main Street, Yonkers, Westchester County
Proposed Project:
Project Type:
Regional Council:
Acquisition of six properties (some containing multiple tax parcels but
which collectively are contiguous and on the north side of New Main
Street) to allow riverbank restoration to occur.
Public infrastructure investment to spur private development in
downtown Yonkers.
The Mid-Hudson Regional Council has been made aware of this item.
The project predates the Regional Council Initiative.
Background:
City History – Yonkers, which was incorporated in 1872, is located in the southwestern
corner of Westchester County in the Mid-Hudson Region of
New York State. The City is 18.3 square miles in area and is the fourth largest city in
New York State. It has a current population of approximately 200,000 residents. Since
the early 1990s, a dramatic renaissance has been occurring in the downtown waterfront
area and the City as a whole. Revitalization efforts have included a new riverfront
library, a ½-mile public waterfront esplanade, a refurbished public pier, new
apartments, a concentration of new restaurants, and a restored train station.
Beneficiary History – NMSDC is a not-for-profit corporation that was formed by the City,
is directly controlled by the mayor of Yonkers and includes representation by the
Yonkers City Council.