Yonkers City Council reaches agreement on Ridge Hill project
An 11th hour agreement took place Thursday between the Yonkers City Council and the developer of the controversial Ridge Hill development project. The council is set to vote on the issue in a special meeting Friday.
A majority of council members backing the $600 million project announced major concessions have been made by the developer. Forest City Ratner has agreed to pay full property taxes on the 81-acre site. The developer will also pay an estimated $20 million in sales tax revenues from the huge retail, restaurant, hotel and conference center planned. Forest City Ratner has also agreed to provide more affordable housing units, at a reduced income level of $45,000 a year.
Opponents of the project question the timing of the developer?s concessions but are pleased about the tax package. However, many believe the issue of increased traffic has been completely ignored.
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