YONKERS-Empire City Casino at Yonkers Raceway is refinancing $325 million in overall debt, including its recent $40-million expansion, reports the Yonkers Industrial Development Agency.
The Yonkers IDA approved the refinancing package on Tuesday that will net the city of Yonkers $3.673 million. Under the plan approved by the IDA, the Empire City Casino will receive a mortgage tax exemption on the refinancing package. Empire Casino will pay $523,000 in previously-agreed upon sales tax reimbursements; $3 million in additional payments to be paid to the city's general fund over two years; $500,000 to the YIDA for economic development efforts; and up to $150,000 in materials or cash for improvements to the Coyne Park Senior and Community Center located near the casino.
“This is a great deal for Yonkers taxpayers,” says Yonkers Mayor Mike Spano, who chairs the YIDA. “The city is actually getting more money than if we had done nothing at all.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
