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Mount Vernon IDA tables Sentinel/Penrith ground-lease decision pending real estate committee and city council direction
Summary
Board members debated a proposed ground-lease and land transfers tied to a Sentinel Development/Penrith project and agreed to wait for the city’s real estate committee and council to decide whether to transfer city-owned lots to the IDA before moving forward.
At its April 10 meeting the Mount Vernon Industrial Development Agency discussed a proposed ground lease with Sentinel Development (referred to in packet materials as Penrith/Penrose in some sections) but did not take formal action, instead urging coordination with the city real estate committee and city council.
Staff and board members outlined two possible paths: the city could transfer parcels to the IDA and the IDA would enter a ground lease…
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