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Votes at a glance: Mount Vernon IDA approves minutes and two resolutions on Jan. 9, 2025
Summary
The IDA approved minutes from two December meetings and passed two resolutions: invoice payments (Resolution 1/2025-1) and consent for a minor interest transfer related to 130 Modern LLC (Resolution 1/2025-2). All actions were approved by voice vote; the transfer resolution recorded a 4-0 voice vote.
The Mount Vernon Industrial Development Agency recorded the following actions during its Jan. 9 meeting:
Adoption of minutes The board adopted the minutes from the Dec. 13, 2024 regular meeting and the Dec. 19, 2024 special meeting by voice vote after motions from board members. The chair called for “all in favor?” and members responded “Aye.”
Resolution 1/2025-1: approval of invoice payments The board approved Resolution 1/2025-1, authorizing payment of several invoices including the City of Mount Vernon Board of Water Supply ($1,400+), New York State Economic Development Council 2025 membership dues ($850), and an appraisal invoice to Valuation Plus ($8,750) to be paid from an escrow account established by the developer for the Sentinel project. The motion was moved and seconded and approved by voice vote.
Resolution 1/2025-2: consent for interest transfer (130 Modern LLC) The board approved Resolution 1/2025-2, a consent resolution related to a 0.01% transfer of an upper-tier managing-member interest in the 130 Modern LLC project. Attorneys on the call described the change as a pro forma amendment to the regulatory agreement that does not alter project ownership or payments to the IDA. The board approved the resolution by voice vote (recorded in the minutes as 4-0).
No other incentive actions or PILOT approvals were taken at the meeting.
