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Mount Pleasant IDA reports $150,000 in expected receivables, Bright View project nears application
Summary
Agency staff told the board to expect roughly $150,000 in receivables this year from the Shellorn property and the GM site and said a Bright View project on Grasslands Road is close to filing for mortgage and sales tax exemptions; no pilot payment was indicated for the Bright View matter.
Agency staff told the Mount Pleasant Industrial Development Agency that several development matters are in the pipeline and that two outstanding receivable matters could yield roughly $150,000 in revenue for the IDA this year.
The staff update identified receivables tied to the Shellorn property (off Columbus Avenue) and activity at the GM site as sources of the estimated revenue. The update did not provide a detailed breakdown by project or timeline for collection.
Separately, staff reported the Bright View project near Grasslands Road has met with agency staff and is close to filing an application seeking mortgage and sales tax exemptions; staff said the proposal is expected to request exemptions similar to those the agency has previously approved and indicated that a pilot payment is not anticipated for that project.
Staff characterized the IDA as financially healthy and said operating expenses remain low; the agency will continue to monitor incoming applications and report back as formal applications are filed.
The board heard the update as part of new business and did not take formal action on the specific projects during this meeting.
