Industrial Development Agency

Minutes of the City of Mount Vernon Industrial Development Agency November 30, 2023 A special meeting of the Board of Directors (“Board”) of the City of Mount Vernon Industrial Development Agency (“Agency”) was held on Thursday, November 30, 2023 in the Mayor’s Conference Room, City Hall, 1 Roosevelt Square, Mount Vernon, New York 10550 and via video conference. Present: Darren M. Morton, Ed.D Stephanie Vanderpool Brian Johnson, Esq. Excused: Hon. Shawyn Patterson-Howard Adriane Saunders Absent: None Also Present: Michael Curti, Esq., Harris Beach PLLC Julie Marshall, Harris Beach PLLC (via remote meeting) Linda Hannigan, CPA, RBT CPAs LLC (via remote meeting) Victoria Storrs, Storrs Associates Jonathan Gertman, NRP Group Kenneth Plummer, NRP Group Steve Horton, NRP Group The meeting was called to order at 9:48 AM by Vice-Chair Morton. A quorum of members was present. Dr. Morton apologized for the late start of the meeting which was due to technology issues related to the live video feed. Due to the late start, some resolutions and other agenda items will be moved to the December 14, 2023 meeting. Presentation of 2022 Audit Report Linda Hannigan presented the 2022 audit report. She stated that there is a new requirement, GASB 87, which requires the IDA to recognize the lease receivables and a deferred inflow of resources. The Agency is seeing decreased operating losses; operating at a near break-even point. Ms. Hannigan noted the significant improvements and reported that RBT will issue a clean opinion. There is one material weakness, another significant improvement over prior years. The signed Representation Letter is needed to finalize the report. Resolution Resolution 11/2023-4 Accepting Audit Report Motion by B. Johnson, seconded by S. Vanderpool, the resolution was unanimously adopted. Presentation – 115 S. Macquesten Jonathan Gertman and Ken Plummer discussed the proposed project and noted that it is similar to The Renaissance at Lincoln Park in the New Rochelle. Steve Horton discussed the site configuration, Transportation Oriented Development, and the access to New York City. The project conforms to current zoning, will generate sales tax revenue to Mt. Vernon, will clean up a brownfield site. All on-site utilities will be buried. Mr. Gertman addressed the economic development and housing benefits to the City of Mt. Vernon. Victoria Storrs presented the updated Cost Benefit Analysis. The analysis calculates an average 2% annual rent increase. The project provides positive benefits to Mt. Vernon including cost avoidance to City infrastructure improvements. The board meeting was temporarily adjourned to receive public comment regarding the proposed project. The public hearing will remain open until 5 PM on December 7, 2023 to receive any additional public comments in writing. There being no further business, a motion was made by B. Johnson, seconded by S. Vanderpool to adjourn the meeting. The motion was unanimously adopted at 12:07 PM. Respectfully submitted by Julie Marshall