City of Mount Vernon AgendaPacket Legislative Session 2026-06-08
City to reimburse Founders Grove for infrastructure
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Description
Under the proposed TIF Development Agreement, Mount Vernon will reimburse Residences at Founders Grove, LLC up to $1.6 million for public infrastructure improvements serving a new housing project. Payments will be made over the 30-year TIF term from service payments in lieu of property taxes.
Contract Details
Contract Amount
Up to $1,600,000 in reimbursement for public improvements
Vendor
RESIDENCES AT FOUNDERS GROVE LLC
Agency
City of Mount Vernon, OH
Contract Type
CONSTRUCTION
Document Date
June 8, 2026
Contract Term
Reimbursements over 30-year TIF period
Renewal Date
2054-12-31
Renewal Info
Reimbursement cannot exceed $1,600,000 total and is funded only from available TIF service payments during the 30-year exemption period.
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