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IDA authorizes payment plan for Dominican Magic delinquent pilot payments
Summary
The Mount Vernon IDA approved a temporary payment schedule with Dominican Magic to recover past-due pilot payments; the agreement preserves penalties and includes a balloon payment next year.
The Mount Vernon Industrial Development Agency voted to authorize a temporary payment schedule to help Dominican Magic repay past-due pilot and administrative fees while preserving the agency's right to claw back benefits if the owner fails to meet the schedule.
Staff reported that Dominican Magic had been delinquent on its pilot payments and that letters required under the project's pilot agreement and project documents had been issued. Agency staff said the business owner told them he had been ill and proposed to pay $20,000 immediately, followed by a series of payments over six months and a balloon payment in March 2026 to bring the account current.
Robin and agency staff had negotiated the interim proposal and presented a resolution authorizing acceptance of the payment plan while retaining enforcement rights under the original project documents. During the motion, staff emphasized that penalties and interest were not waived and would remain part of the balance due.
Motion and second were recorded and the board approved the resolution authorizing the temporary payment schedule (Resolution 3-20-25-3). Staff noted that if Dominican Magic fails to comply with the agreement the IDA may enforce the original documents and pursue clawback of benefits.
