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Struever Fidelco Cappelli LLC Discusses Tax Increment Financing (TIF) as it Relates to Redevelopment Projects Planned for Yonkers Downtown & Waterfront
Experts & Partners to Speak at Public Meeting
|YONKERS, NY (November 9, 2006) - In a continued effort to engage the community in plans for the redevelopment of downtown Yonkers, Struever Fidelco Cappelli, LLC (SFC) will hold a public meeting to review Tax Increment Financing (TIF), an economic redevelopment tool that SFC intends to use in this project. The company is currently seeking approval on TIF use from Yonkers officials.
TIF Presentation (pdf)
The meeting will be held tonight from 6:30 pm to 8:30 pm at the Riverfront Library, One Larkin Plaza, Yonkers. Keenan Rice, a TIF expert who works at Municap in Baltimore, and Andrew Frank, Executive Vice President of the Baltimore Development Corporation, which has used TIF on several development projects, will be on-hand to share how TIF has worked in other places throughout the country. SFC representatives will also speak about the specifics of the proposed plans to use TIF in Yonkers.
Hundreds of Yonkers residents have attended the four previous community meetings held by SFC over the last six months.
Over the past six months, SFC has made presentations about the $3.1 billion redevelopment plan to a wide range of community groups and business organizations in Yonkers. The groups include the Yonkers Chamber of Commerce, Westchester County Board of Realtors, South Broadway Business Improvement District, Lincoln Park Taxpayers Association, Hudson River Community Association of Northwest Yonkers, the Ludlow Park Association and the Saw Mill River Coalition. SFC also made presentations at the Yonkers Business Week event held in April and the RealShare Westchester County Conference held in August.
The three development partners working on the project -- Westchester-based Cappelli Enterprises, Struever Bros. Eccles & Rouse of Baltimore, and Fidelco Realty Group of New Jersey -- have joined forces to develop a conceptual design plan for the redevelopment of key areas of the downtown, the riverfront and the Nepperhan Valley corridor. The conceptual plan will serve as a guide for redevelopment projects that promise to transform the city's central business core, two miles of its industrialized riverfront and extensive areas along Nepperhan Avenue, Yonkers Avenue and other major downtown streets. It also includes construction of a minor league baseball stadium that will be part of River Park Center, a 750,000 square foot complex that will be built on the site adjacent to City Hall.
The overall value of all the redevelopment projects that will ultimately be included in the plan is estimated to be $3.1 billion, by far the most extensive such revitalization effort ever undertaken in Westchester and one of the largest in the New York metropolitan area.
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