Industrial Development Agency

Minutes of the City of Mount Vernon Industrial Development Agency August 17, 2023 A special meeting of the Board of Directors (“Board”) of the City of Mount Vernon Industrial Development Agency (“Agency”) was held on Thursday, August 17, 2023 in the Mayor’s Conference Room, City Hall, 1 Roosevelt Square, Mount Vernon, New York 10550 and via video conference. Present: Hon. Shawyn Patterson-Howard Darren M. Morton, Ed.D Stephanie Vanderpool Orville Gayl (Board of Education Alternate) Excused: Brian Johnson, Esq. Absent: None Also Present: Michael Curti, Esq., Harris Beach PLLC Julie Marshall, Harris Beach PLLC Robin Mack, Director of Business Development Andrea Haynes, Director of Economic Development, City of Mt. Vernon Terrance Horton, Sentinel Consortium Rev. Dr. L’Judie Matt-Simmons Joseph Simone, Simone Development Companies Mark Stagg, Stagg Group Kathleen Bradshaw, Esq. Brian Newman, Newman Design The meeting was called to order at 10:09 AM by Chair Patterson-Howard. A quorum of members was present. Minutes Minutes of the July 13, 2023 meeting were reviewed. Motion by D. Morton, seconded by S. Vanderpool, the minutes were unanimously approved. Sentinel Consortium Presentation Terrance Horton discussed a proposed downtown revitalization project in the MLK 3rd and 3rd to South 4th Avenue Corridor. The proposed project would include the development of a 7 story, 230,000 square foot mixed use space with 188 residential units, 6,000 square feet of retail space, underground and surface parking, a 5,000 square foot SVAT training facility, 10,000 square foot assembly, fabrication & distribution hub. This transit oriented project would provide vocational training to Mt. Vernon residents in entry level jobs which provide a living wage. The QWEST Mark Stagg, CEO & Founder of Stagg Group discusses the proposed development at 1 North Macquesten Parkway and 25 North Macquesten Parkway. The proposed $94,000,000 project would include the construction of (i) two affordable residential buildings containing an aggregate of approximately 229 rental units (approximately 115 units in building one and 114 units in building two), out of which there will be 56-studio, 89 one-bedroom, 81 two-bedrooms and 3 three-bedrooms units, (ii) associated amenities including laundry rooms and recreation space, (iii) approximately 3000 square feet of combined commercial space, and (iv) including a green roof and energy efficient construction, (v) 28 units will be provided at 40% AMI, 74 units will be provided at 28% AMI, 77 units will be provided at 60% AMI, and 41 units will be provided at 80% AMI. Approximately 200 temporary construction jobs and 9 FTE jobs upon project completion. The developers are seeking a sales tax exemption and 30-year PILOT Agreement. Mayor Patterson-Howard asked the developers to reconsider the building design and AMIs. Mr. Curti stated that the next steps are for the applicant to work with the IDA consultant in the preparation of a cost benefit analysis utilizing the requested sales tax exemption and PILOT schedule. A public hearing will be scheduled to consider the project. Financial Report Treasurer Morton reviewed the financial statements including fees and PILOT payments received to date. Motion by D. Morton, seconded by S. Vanderpool, the financial report was unanimously approved. Business Development Report Ms. Mack reported on Restaurant Week, outdoor dining promotions and the back-to-school backpack drive. She continues to work with the Building Department to streamline the Certificate of Tenancy process for new and existing retailers. Economic Development Report Ms. Haynes reported on comparative vacancy rates in the South 4th Avenue Corridor. A draft survey for the digital holiday directory has been prepared and will be circulated. Resolutions Resolution 8/2023-1 Authorizing Payment of Invoices Motion by D. Morton, seconded by S. Vanderpool, the resolution was unanimously adopted. Resolution 8/2023-2 Authorizing Amendment to Bylaws Motion by S. Vanderpool, seconded by D. Morton, the resolution was unanimously adopted. There was no legal update and no new business. The next meeting of the IDA Board will be held on Thursday, September 14, 2023 at 10:00 AM. There being no further business, a motion was made by D. Morton, seconded by S. Vanderpool to adjourn the meeting. The motion was unanimously adopted at 12:25 PM. Respectfully submitted by Julie Marshall