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Mount Vernon IDA treasurer reports $2.19M in PILOT collections, flags two delinquencies
Summary
Treasurer Darren M. Morton told the board the IDA collected $2.19 million (96%) toward 2025 PILOTs but reported Dominican Magic and Regent Hospitality remain delinquent; Morton also said the agency has collected $97,922 (88%) of the 2025 administrative fee.
Darren M. Morton, the Agency treasurer, presented the IDA’s 2025 financial report and said, "To date, the IDA has collected $97,922 (88%) of the total 2025 Administrative Fee of $111K." He told board members the agency has collected $2.19 million (96%) toward first- and second-half PILOT payments but identified Dominican Magic and Regent Hospitality as projects that have not made required payments.
Morton walked the board through quarterly income and expense tables included in the packet and highlighted a $87,000 total in 2025 lease invoices billed and collected. He also noted an assessment-calculation error tied to Titus Mt. Vernon (60 West 1st Street) from 2022 and said his office is coordinating with the City Assessor’s office to resolve the discrepancy. The board did not take any additional formal action on the financial report during the meeting.
The agency’s summary schedules attached to the packet list project-level escrow balances and payment statuses across more than a dozen projects, and the Treasurer said reminder notices have been sent to projects with unpaid administrative fees. The financial tables in the packet show the agency’s closing cash and PILOT receivable balances used to support ongoing operations and remittance obligations.
