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Council approves NCA bond authorization, says city not liable for repayment
Summary
Council adopted an ordinance authorizing the Mount Vernon New Community Authority to issue up to $3 million in infrastructure revenue bonds and approved related cooperative documents.
Mount Vernon’s City Council adopted ordinance 2025‑27 authorizing the Mount Vernon New Community Authority (NCA) to issue tax‑exempt special‑obligation public infrastructure revenue bonds in a maximum authorized amount of $3,000,000 and approving a cooperative agreement and related documents to release TIF funds to pay for infrastructure.
The mayor described the measure as a housekeeping step to allow the NCA to begin paying for infrastructure and move homes forward in the development timeline. “City is not on the hook for anything,” the mayor said during discussion, reiterating that the obligation is the NCA’s and that the council’s role is to permit the infrastructure financing mechanism and cooperative agreement.
Council adopted the ordinance under suspension of the rules. Council members and staff said the measure does not create a general‑fund liability for the city; it allows TIF revenues to be used to pay the NCA’s infrastructure obligations per the cooperative agreement and project documents.
What’s next: the NCA will meet and, per the timeline discussed in committee, proceed with documents and steps needed to draw the TIF funds for infrastructure work.
