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CITY of VISION – Fall/Winter 2002 • 1 Yonkers to Yonkers Mayor John Spencer Benefit from Hosts First Westchester Order for 1,700 Mayors Business Summit

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CITY of VISION – Fall/Winter 2002 • 1 Yonkers to Yonkers Mayor John Spencer Benefit from Hosts First Westchester Order for 1,700 Mayors Business Summit Fall-Winter 2002 Published by the CITY OF City of Yonkers Office of Economic Development VISION YONKERSPROGRAMS AND SERVICES THAT BENEFIT BUSINESSES IN YONKERS Officials Dedicate The $600 Million Development New “Crown Jewel” Of For Ridge Hill Property Downtown Yonkers For decades, Ridge Hill in Yonkers has been one of the most attractive and ver- satile properties in the city. Now, the site is moving towards a unique new incarnation. Forest City Ratner Companies (FCRC) has signed a 77-year lease with the Ridge Hill Development Corporation. The firm is Mayor John Spencer and Governor George Pataki planning a sweeping rede- Governor George Pataki and a host of city, coun- velopment of the site to cre- ty, and state officials joined Yonkers Mayor John ate a multi-use village-style Spencer on Sept. 18, at a ceremony to dedicate the setting. The new complex “Crown Jewel” of downtown Yonkers. will feature a hotel and con- ference center, retail space, An estimated 1,000 proud Yonkers citizens offices, and residences. Aerial view of Ridge Hill property attended the ceremony to dedicate the spectacu- larly refurbished building at One Larkin Center. The property, located at Exit 6A off the New York State Thruway in Yonkers, was acquired by Ridge The building is the new home of the Yonkers Public Hill Development Corporation from Lockheed Corporation in 2001. Library and the Yonkers Board of Education. “This site is one of the best-kept secrets in real estate,” said Yonkers Mayor John Spencer. “It’s a prime “This city is one of the most exciting places in location off the New York State Thruway, 17 minutes from mid-town Manhattan, and 20 minutes from New York right now,” Governor Pataki said. “This LaGuardia and Westchester airports. What other sites in the tri-state area have these assets? We wel- project will bring thousands of people into the come Forest City Ratner Companies to Yonkers, and we look forward to working with them. This project shops, streets, and stores of downtown Yonkers.” will add thousands of new jobs, and bring millions of dollars in new tax revenue to our city treasury, Westchester County, and New York State. Clearly this project is a win-win for everyone.” The Governor noted that The Larkin Center project is the single largest investment in the downtown waterfront district in the history of “Forest City Ratner Companies is proud to have been selected to develop this extremely exciting project, Yonkers. and we intend to build the premier shopping, dining, and entertainment destination in Westchester County,” said Bruce C. Ratner, President and CEO of the firm. “We look forward to working in this public- The ceremony successfully culminated a $53 private partnership with Mayor Spencer, the City Council, residents, and civic groups in Yonkers to million redevelopment project that began in 1996, assure that Ridge Hill Village is not only a unique development, but a terrific amenity for the surrounding when the city bought the four-story building that neighborhoods.” was formerly owned and occupied by Otis Elevator Corporation. “We are proud to have a national developer of Forest City Ratner’s caliber in our city. This is another great success for the Spencer Administration and the citizens of Yonkers,” said Deputy Mayor Phil Amicone. The Yonkers Industrial Development Agency continues on page 6 (YIDA) bought the building from the city in 2000. It issued bonds to finance the project, and retained the Manhattan-based National Development America’s Pastime Expected To Bring Council (NDC) to manage the project. The NDC is a not-for-profit organization that offers technical Vitality To Getty Square Neighborhood assistance, training, and development services to The complex will include a 6,500-seat minor local and state governments and nonprofit organi- league ballpark and 100,000 square feet of retail zations. space. The construction project, which began with a “Just as the new Larkin Center will anchor the February 2001 groundbreaking ceremony, was completed ahead of schedule and under budget. waterfront district, the ballpark complex will become the centerpiece of the Getty Square dis- “This ‘Crown Jewel’ is the stabilizing project in trict,” Yonkers Mayor John Spencer said. “And just the larger plan for developing our four-and-a-half- as Larkin Center will spin off positive development mile waterfront on the Hudson River,” stated benefits in its area, this complex will spur addi- Mayor Spencer. Let’s play ball! tional development in and around Getty Square.” A sparkling new ballpark and retail complex is continues on page 6 continues on page 3 expected to bring new vitality and life to Yonkers’ downtown business district. YONKERS CITY OF VISION – Fall/Winter 2002 • 1 Yonkers To Yonkers Mayor John Spencer Benefit From Hosts First Westchester Order For 1,700 Mayors Business Summit New Subway Cars “We deeply appreciate the support and spon- sorship of Morgan Stanley, as well as the partic- Yonkers will share in the economic benefits from ipation of our fine elected officials and private- the manufacture of up to 1,700 new subway cars sector leaders,” said Christopher A. Sarro, for New York City — because final assembly of the BusinesScape Coordinator for Morgan Stanley new cars will be completed by a Yonkers company. in White Plains. “We at Morgan Stanley look forward to working with businesses in The order for the new cars, valued at approxi- Westchester and participating in future oppor- mately $2.4 billion, won final approval recently tunities that such an event can have for the from two public-transit authorities: the New York entire community,” added Mr. Sarro. Transit System and the Long Island Railroad. Yonkers Mayor John Spencer praised the Companies in France, Japan, and Brazil will event. “This proved to be a valuable opportuni- manufacture the components of the subway cars. Mayor John Spencer ty for the Mayors of this county to come togeth- Final assembly of the cars will be made by Westchester County’s top municipal execu- er and work toward the economic development Kawasaki Rail Car Inc., at 29 Wells Avenue located tives came together recently to discuss econom- goals we all share,” Mayor Spencer said. He at i.Park. ic development, present new projects, and col- added, “We are all committed to bringing more laborate on revitalization plans across the community-friendly, professional, and intelli- Kawasaki has been located in Yonkers since county at the first annual Westchester Mayors gent economic development to our cities and 1986. They occupy 280,000 square feet of space Business Summit. involving highly trained, skilled men and and have 350 employees. women in the process. It was a great pleasure The event took place at Ridge Hill Plaza in and honor for me to host this first-time summit, “We are very pleased that Kawasaki, a Yonkers Yonkers. Mayor John Spencer hosted the event, and we look forward to my colleagues following based company, won final approval from the New which was sponsored by Morgan Stanley. suit in the coming years.” York Transit System and Long Island Railroad,” stated Mayor John Spencer. “This order for 1,700 Distinguished Westchester County city lead- Business leaders in Westchester County new subway cars will secure a large number of ers that participated include: Mayor Joseph received the event very favorably. Established jobs for Yonkers’ residents,” added the Mayor. ■ Delfino of White Plains, Mayor Timothy Idoni of employers in many sectors enthusiastically New Rochelle, Mayor Ernest Davis of Mount joined the Mayors in the events of the day. “It is Vernon, and Mayor Steven Otis of Rye. our mission to create a forum whereby entities Hudson Park On who seek financing and the financing communi- Top executives from venture-capital firms ty can meet,” said Anthony Fardella, President The Waterfront also participated. Firms represented include: of the Westchester Venture Group, a major sup- Green Hills Ventures LLC; New York Community porter of the event. “This summit will lead to Investment Corp.; Enhanced Capital Partners; many funding alternatives for Westchester Signature Bank; and Milestone Venture County.” Partners. Dee DelBello, President of the Westchester Joseph DePaolo, President and CEO of Business Journal said, “It is the hope of all the Signature Bank, moderated the event. participants that the Westchester Business Summit becomes an annual event.” ■ Hudson Park on Yonkers’ waterfront Yonkers Formally Empowers A $60 million apartment and retail complex, the first privately funded development project Its New Empowerment Zone on Yonkers' waterfront, is progressing on sched- ule and is expected to be completed by corridor and the Alexander Street area along the mid-Summer 2003. waterfront. Yonkers Empowerment Inc., which administers the program, conducted the one-hour The Hudson Park complex will include 266 event at the scenic Hudson River Museum. market-rate apartments and 40,000 square feet of office and retail space. The project is the The ceremony featured briefings on Zone bene- largest single private investment on the water- fits, which include tax savings, low-interest financ- front in the history of Yonkers. ing, tax-exempt bond financing, and training pro- grams. Businesses in the Zone could share as much “Apartments in the complex will be priced as $17 billion in tax credits with seven other com- from $1,700 to $3,000 per month — and munities across the nation. Information sessions on demand already is high,” said Arthur Collins, the Zone are scheduled for each Wednesday at 8:30 President of Collins Enterprises, the developer a.m. To confirm the time and date of the next ses- of the complex. sion, call Yonkers Empowerment Inc. at 914/862- Deputy Mayor Amicone introduces Empowerment Zone 7006, or visit www.yezinc.com.
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