City of Mount Vernon AgendaPacket Legislative Session 2026-06-08
TIF agreement planned for Founders Grove project
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Description
Mount Vernon has drafted Ordinance 2026-23 to approve a Tax Increment Financing and Development Agreement with Residences at Founders Grove, LLC for a large housing development at 12050 Upper Gilchrist Road. The 30-year, 100% TIF will redirect service payments to reimburse up to $1.6 million in public infrastructure and support schools and city funds.
Contract Details
Vendor
RESIDENCES AT FOUNDERS GROVE LLC
Agency
City of Mount Vernon, OH
Contract Type
FINANCIAL_SERVICES
Document Date
June 8, 2026
Contract Term
30-year TIF exemption period from first year improvements appear on tax roll
Renewal Date
2054-12-31
Renewal Info
TIF exemption runs 30 years from when improvements first appear on the tax list; agreement caps reimbursement for developer public improvements at $1,600,000.
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