City Weighs 30-Year TIF Deal with Founders Grove Developer

Mount Vernon is considering Ordinance 2026-23 to approve a Tax Increment Financing and Development Agreement with Residences at Founders Grove, LLC for a housing project on Upper Gilchrist Road. The 30-year TIF would channel service payments toward up to $1.6 million in developer public infrastructure reimbursement plus interest, school district payments, and City costs.

Scope & details

The full contract record, as filed.

Contract type

FINANCIAL_SERVICES

Contract term

30 years (TIF exemption period)

Renewal date

2054-12-31

Renewal

TIF exemption on improvements runs for 30 years under Ordinance 2024-37; the agreement includes reimbursement caps of $1,600,000 in principal and $1,000,000 in interest funded from service payments.

Document type

Agenda

Source document

City of Mount Vernon Agenda 2026-08-10

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Mount Vernon?

Residences at Founders Grove Llc was awarded this financial services contract by City of Mount Vernon, as recorded on August 10, 2026.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in City of Mount Vernon Agenda 2026-08-10 (Agenda), dated August 10, 2026 from City of Mount Vernon. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Residences at Founders Grove Llc hold?

Residences at Founders Grove Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Residences at Founders Grove Llc's profile

What is City of Mount Vernon currently buying?

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