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Developers ask Mount Vernon IDA to extend pilot for Heritage House South as Fund City prepares to open
Summary
Developers and the IDA discussed a request to extend an existing tax-exemption pilot and ground-lease terms tied to the south parcel of a Sanford Boulevard shopping center so Fund City can proceed with its investment; board delayed any vote to complete financial analyses.
Developers of the Sanford Boulevard retail center told the Mount Vernon Industrial Development Agency on Aug. 14 that they need an extension of an existing pilot agreement for the south parcel so Fund City can proceed with construction and investment. Representatives for the property’s owner said Bed Bath & Beyond’s bankruptcy reduced rent at the center and that Fund City — characterized by developers as a destination entertainment tenant — sought predictability in tax treatment before committing funds. The…
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