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Mount Vernon residents, council members question loan structure for Liberty Crossing TIF
Summary
MOUNT VERNON — A city resident told Mount Vernon City Council members on Monday that Tax Increment Financing (TIF) money should not be used to pay for turn lanes and road work at the Liberty Crossing development, saying the developer had originally agreed to pay those costs.
MOUNT VERNON — A city resident told Mount Vernon City Council members on Monday that Tax Increment Financing (TIF) money should not be used to pay for turn lanes and road work at the Liberty Crossing development, saying the original public record showed the developer would fund those improvements.
The comment came during public comment, when Mike Hillier, who said he lives at 215 East Sugar Street, said he participated in early planning for the project and that “the realtor, Highland Real Estate, would pay for it.” Hillier said he had emailed council asking for clarification and that a staff member named Brian had emailed back; Hillier said Brian’s email stated, in part, “the city is not taking out a loan of sorts is being taken out against the future revenue that the new TIFs and NCA will collect from this site.”
The issue went beyond the public comment period into the council’s legislative discussion. A council member explained that the city will not issue general-obligation debt for the project and…
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