For Immediate Release
Contact: Dana Buffin
Yonkers Industrial Development Agency
(914) 377-6149

Official Ribbon Cutting Ceremony Signifying the Completion of Parkledge Apartments

Yonkers, New York June 15, 2005 --- Yonkers Mayor Philip A. Amicone announces the official ribbon cutting ceremony signifying the completion of Parkledge Apartments, located at 220 Yonkers Avenue. The four building complex was substantially renovated by The Wishcamper Group, a Maine based housing development Company using a unique blend of Federal, State and City assistance, including incentives of the Yonkers Industrial Development Agency. Parkledge Apartments provides 311 market rate quality units to working class families in Yonkers.

Over a period of 15 months, the facility underwent a $13 million dollar renovation that included the installation of new appliances, facade improvements and the installation of a state-of-the-art security system among other improvements.

The Wishcamper Group, as part of the agreement with the Yonkers Industrial Development Agency, will provide an annual $25,000 scholarship to be distributed among ten Yonkers Public Schools High School seniors. The total contributions will total $750,000 over a thirty year period.

Mayor Philip A. Amicone- Chairman of the City of Yonkers Industrial Development Agency stated “I am delighted that the residents of Yonkers are the direct beneficiaries of the public/private partnership. The Wishcamper Group has created an enviable model of affordable housing further enhancing our great City”.

Brian Poulin, Principal of The Wishcamper Group remarked "We are proud to have become a member of the Yonkers community. Parkledge apartments is a great example of what can be accomplished when private and public resources are put to work to better a community. Parkledge will serve as a top quality home for hardworking Yonkers residents for years to come."

The Yonkers Industrial Development Agency (YIDA) was formed in 1982 as a not-for-profit public benefit corporation to encourage the development of commerce in the City of Yonkers to create jobs and improve the local economy. Benefits available to YIDA sponsored companies include taxable and non- taxable industrial development bonds, mortgage recording tax exemptions, real property tax abatements and sales and use tax exemptions. To date, the YIDA has been involved in over $5 billion in development activity.