The approval was the last needed to begin construction on the 56-unit complex along Loehr Place and Whetstone Avenue that will be built on the grounds of the former Mulford Gardens.
The Payment-In-Lieu-Of-Taxes agreement means that the city will initially get $688 per unit, for a total of $38,513 per year for the 56 units. This amount will increase two percent each year until year 30, when the city will receive $1,174 annually per year per unit, for a total of $65,738.
The Richman Group Development Corp., Landex Companies and the Municipal Housing Authority for the City of Yonkers are developing the $22.2 million Grant Park II.
The one- to three-bedroom units will be housed in two four-story buildings; the 100-unit Grant Park I opened in 2012.
The new units will be made available to households earning 60 percent of the county’s median income, which translates to $62,520 for a family of four.
Construction on Grant Park II is expected to begin in the summer.