Market Research Report
Overview
The Yonkers Industrial Development Agency (YIDA) aims to enhance economic development and job growth in the City of Yonkers. Through the attraction of new businesses and the retention of existing ones, YIDA works towards strengthening the city's competitiveness in the global marketplace and supporting the local economy. The agency plays an instrumental role in fostering economic opportunities and urban redevelopment, thereby expanding the economic base and creating new job opportunities within Yonkers.
Key Personnel
The leadership team at YIDA includes:
- Jaime McGill, Executive Director, who oversees agency operations and aligns projects with Yonkers' economic goals.
- Siby S. Oommen, Chief Fiscal Officer, responsible for managing YIDA's financial operations.
- Michael Bennis, Financial Assistant, with expertise in accounting and taxation.
- Fiona Khan, Executive Assistant, contributing to administrative and marketing efforts.
Recent Developments and Achievements
YIDA is actively involved in providing financial incentives for significant residential and mixed-use redevelopment projects. As of July 30, 2024, YIDA granted preliminary approval for three major projects aimed at residential expansion and urban development in Yonkers. Key projects include the Teutonia Towers, a $458 million development characterized by a 41-story building that significantly contributes to the transformation of Yonkers’ skyline and urban landscape.
Financial Data and Governance
YIDA upholds high standards of financial transparency and accountability. The agency publishes detailed financial reports, including annual audits, budgets, and procurement reports. These documents outline the agency's financial activities and strategic decisions. YIDA also adheres to governance policies like a Code of Ethics and a Whistleblower Policy to maintain ethical standards.
Contact Information
- Address: 470 Nepperhan Avenue, Suite 200, Yonkers, NY 10701
- Phone: (914) 509-8651
- Email: info@yonkersida.com
- Website: [yonkersida.com](https://yonkersida.com/)
Competitor Analysis
The Yonkers Industrial Development Agency (YIDA) faces competition from regional development agencies offering similar services, such as tax incentives and project assistance. Key competitors include:
Key Competitors
1. City of Albany Industrial Development Agency and Capital Resource Corporation (Albany IDA & CRC)
- Utilize financial incentives and bonds for local development, transparency through a searchable project database.
2. Orange County Industrial Development Agency (OCIDA)
- Offers tax rebates and incentives for job retention, public health advancements, and citizen prosperity.
3. North Alabama Industrial Development Association (NAIDA)
- Provides strategic location assistance in North Alabama, with a focus on advanced manufacturing and automotive industries.
4. Other Noteworthy Competitors:
- Kootenay Career Development Society: Focused on career and employment services in Canada.
- HopeSource: Operates in individual and family services with community-focused growth initiatives.
Insights for Strategic Positioning
To maintain a competitive edge, YIDA could capitalize on Yonkers' unique attributes and enhance transparency using platforms like project databases. By leveraging local geographic advantages and streamlined operations, YIDA can attract diverse development projects and sustain its position in economic growth and job creation.
Understanding competitors such as Albany IDA and OCIDA allows YIDA to refine its strategic offerings, perhaps by boosting incentives and fostering industry partnerships, to advance its economic development objectives effectively.
