City of Mt. Vernon Minutes Regular City Council Meeting 2026-05-18
Redevelopment Agreement for Hotel Construction with SILA MK Hotels LLC
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Description
The City of Mt. Vernon introduced a Redevelopment Agreement with SILA MK Hotels LLC for a TownePlace Suites project, offering up to $1.73 million in TIF reimbursement based on hotel construction expenditures.
Contract Details
Contract Amount
Up to $1,733,700.72 (TIF reimbursement, 15% cap of eligible costs)
Vendor
SILA MK HOTELS LLC
Agency
City of Mount Vernon, IL
Contract Type
OTHER
Document Date
May 18, 2026
Contract Term
Based on project completion and TIF reimbursement timeline
Renewal Info
TIF incentive paid out upon completion and as TIF funds are collected. No renewal.
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