YONKERS-Empire City Casino at Yonkers Racewayis refinancing $325 million in overall debt, including its recent$40-million expansion, reports the Yonkers Industrial DevelopmentAgency.

The Yonkers IDA approved the refinancing package on Tuesday thatwill net the city of Yonkers $3.673 million. Under the planapproved by the IDA, the Empire City Casino will receive a mortgagetax exemption on the refinancing package. Empire Casino will pay$523,000 in previously-agreed upon sales tax reimbursements; $3million in additional payments to be paid to the city's generalfund over two years; $500,000 to the YIDA for economic developmentefforts; and up to $150,000 in materials or cash for improvementsto the Coyne Park Senior and Community Center located near thecasino.

“This is a great deal for Yonkers taxpayers,” saysYonkers Mayor Mike Spano, who chairs the YIDA.“The city is actually getting more money than if we had donenothing at all.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.