The Yonkers Industrial Development Agency(IDA) has voted to negotiate an economic incentive with Champlain Hudson Power Express Inc. (CHPE) to encourage the construction of a 1,000-megawatt power converter station between the Metro North rail lines along the Hudson River and Kawasaki Rail Car Inc.

The proposed Champlain Hudson Power Express project would bring up to 1,000 megawatts (MW) of clean wind and hydro power to the New York metro area.

The project is being developed by Transmission Developers Inc (TDI) which develops High Voltage direct current underwater tranmission systems.

The 23,000-square foot station, which is designed by the architecture firm of Cook+Fox, would be a LEED-certified, environmentally friendly design that would complement the surrounding area while generating new tax revenue for the city.

Yonkers Mayor Phil Amicone, who chairs the Yonkers IDA, said "Yonkers recognizes that this TDI transmission project, with its environmentally responsible design, will result in clean, low-cost renewable energy and jobs-both critical to the economic future of the entire New York metro area."

The converter station would cost up to $200 million to build and house equipment as well as administrative offices and a security checkpoint.

Officials say the station would convert 1,000 MW of high-voltage direct current electricity into 345 kilovolts (KV) of alternating energy, providing enough electricity for a million homes.

The power supply would primarily be emissions-free Canadian hydroelectric and wind power generators that would be transmitted to Yonkers via submerged cable.

A study commissioned by TDI estimated the project would save residents and businesses $900 million in energy costs in the first year alone.

Officials are hoping construction will begin in Yonkers in Spring 2012 and be completed by the end of 2014.