NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 859-a of the New York State Industrial Development Agency Act of Article 18-A of the New York State General Municipal Law, as amended, will be held by the City of Mount Vernon Industrial Development Agency (the “Agency”) on the 18 day of April, 2019 at 5 p.m. local time, in the Mayor’s Conference Room at City Hall, One Roosevelt Square, Mount Vernon, New York 10550. The public hearing will concern the Agency’s providing financial assistance for a Project more fully described below.
Sandford Terrace LLC (the “Applicant”) has requested that the Agency provide financial assistance for all or a portion of an existing seven story apartment building with 55 units of independent senior housing and ground level parking located at 470 South Fifth Avenue, Mount Vernon, New York. The apartment building provides affordable housing for seniors, and tenants are required to have income of 50% or less than the median income. The Applicant proposes to maintain operations of the facilities at current standards and consistent with its current and projected operating budget (the “Project”).
The financial assistance requested of the Agency includes the following:
Payments In Lieu of Taxes: (i) PILOT payments beginning on January 1, 2020 for calendar year 2020 of $36,036, escalated at a rate of 2.5% per year at the end of each year, less a credit each year in the amount of $7,020. PILOT benefits will remain in effect for fifteen years, subject to the Applicant’s continuing compliance with project documents. PILOT payments may be adjusted in calendar year 2020 to avoid duplication of actual taxes that are payable during that year. The foregoing proposed benefits deviate from the Agency’s Uniform Financial Assistance and Benefits Reimbursement Policy.
No Other Exemptions. No exemptions from sales and use taxes or mortgage recording taxes will be provided.
Copies of the Applicant’s application for financial assistance will be available for review by interested persons from the date of publication of this notice to the date of the public hearing on the Project at the offices of the Agency, located on the second floor at City Hall, 1 Roosevelt Square, Mount Vernon, New York 10550, during normal business hours, upon reasonable notice to the Agency. The telephone number of the Agency is (914) 840-4015.
The Agency will at the above-stated time and place hear all persons with views in favor of or opposed to the financial assistance described herein. A representative of the Agency will at the above-stated time and place hear oral comments and accept written comments from all persons with views in favor of or opposed to the granting of any of the foregoing financial assistance or the location or nature of the Project.
Dated: April 4, 2019
CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY