YONKERS, NY — September 11, 2018 — The developer of a massive mixed-use housing complex on the Hudson River wants $20 million in initial tax breaks and a P.I.L.O.T valued at $135 million paid in increments of $4.5 million each year for 30 years from the Yonkers Industrial Development Agency. Yonkers Mayor Mike Spano presides as the Yonkers IDA Chairman.
Extell Hudson Waterfront has asked the Yonkers Industrial Development Agency for $15.4 million in sales-tax breaks on construction materials and $4.9 in mortgage-recording tax breaks for its massive mixed-use housing complex intended to be built along the the Hudson River properties it will acquire along Alexander Street, Water Grant Street and Babcock Place. The developer also seeks a 30-year payment in lieu of taxes (P.I.L.O.T.) agreement comrised of an annual payment of $4.5 million.