Mount Vernon Industrial Development Agency (IDA)
Economic Development and Business Incentive Programs
The Mount Vernon Industrial Development Agency (the “Agency”) is a public benefit corporation authorized by the State of New York. The mission of the Agency is to promote, develop and assist businesses seeking medium to long term financial assistance for eligible projects in the area of manufacturing, warehousing/distribution, and mixed- use developments such as housing and retail facilities in the City of Mount Vernon. The overall goal of the Agency is to attract and create job opportunities and economic vitality for the ultimate benefit of its residents.
Under the Industrial Development Agency Act, the Agency is allowed to issue revenue bonds/notes, sales tax exemption, mortgage recording tax exemption and property tax abatement to support private or commercial businesses for new construction or rehabilitation. Properties involved in a project are legally titled to the Agency until all financial obligations are satisfied.
Each completed project through the Agency continues to attract investors, foster economic growth and enhances the City’s strategic growth plans.