YONKERS—Mayor Mike Spano was sworn in today as chairman of the Yonkers Industrial Development Agency board, and Deputy Mayor Susan Gerry was sworn in as a board member and secretary.
The Yonkers IDA is a public benefit corporation that provides business development incentives to companies that choose to locate or expand in Yonkers.
“The Yonkers IDA will play a critical role in the economic revival of this city, making careful investments that generate new tax revenue for Yonkers and new jobs for our residents who are still struggling in tough times,” said Spano, who took office as mayor Jan. 1.
“I look forward to seeing many construction cranes across our Yonkers skyline,” Spano continued, “and the completion of new development projects that will make our city a better place to live.”
Under law, the mayor serves as chair of the IDA board.
The IDA says that since 1982, it has generated billions of dollars in private investment within Yonkers. The IDA induces companies to invest their capital in major economic development projects that create jobs and increase the tax base, thereby improving the quality of life for all Yonkers residents. IDA incentives also encourage improvement to existing housing and construction of new residential property, ranging from low-income to market- ate, throughout the city, according to the IDA.