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Mount Vernon IDA reviews December finances and explores legal options to recover unpaid PILOTs
Summary
The Mount Vernon Industrial Development Agency reviewed its December financial statements, discussed receivables and escrow balances, and debated next steps after missed PILOT payments by an entity referred to as Dominican Magic; attorneys were asked to do further due diligence and report back rather than proceeding immediately with litigation.
The Mount Vernon Industrial Development Agency reviewed its December financial statements on Jan. 9 and discussed several overdue payment situations tied to PILOT (payment in lieu of taxes) schedules, including a nonresponsive company identified in the meeting as Dominican Magic and a recommendation from counsel to explore litigation to recover benefits and owed PILOTs.
The Agency’s finance presenter said the December report showed $450,169 in PILOT revenue and described cash and account balances across a pilot account, an operational account and a money market and escrow holdings. The presenter said some…
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