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Mount Vernon IDA approves invoice payments and authorizes transfer of up to $1.5 million to interest-bearing account
Summary
The Mount Vernon Industrial Development Agency approved payment of two invoices, authorized transfer of up to $1.5 million into a higher-yield money-market account, and directed collection steps for delinquent pilot payments, including Dominican Magic and Regent Hospitality.
The Mount Vernon Industrial Development Agency on Oct. 9 approved two routine invoice payments and voted to move up to $1.5 million of operating funds into an interest-bearing account to earn higher yield.
Robin Mack, director of business development for the IDA, told the board the September financial report showed total income of $251,037 — led by pilot payments of $213,927 — and a Sept. 30 closing balance of roughly $3,000,197. She said expenses for the month totaled $1,290,258 and that…
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