MOUNT VERNON, N.Y. - There will be a public meeting held next week as Mount Vernon officials debate whether or not to give tax breaks to a proposed multi-million dollar affordable housing development.
The Mount Vernon Industrial Development Agency (IDA) announced that there will be a public hearing regarding the financial incentives for the developers of The Pointe, a proposed $53,375,000 project with more than 200 apartments in the heart of the city.
The meeting has been scheduled for 10 a.m. on Wednesday, Nov. 22 in the Mayor’s Conference Room at City Hall.
MVP Realty Associates, the developer of the project is seeking $3.6 million in sales tax exemptions, approximately $625,568 in mortgage recording tax exemptions and a 30-year PILOT, which would see the developers pay $600 per unit for the first five years, with a $100 increase every five years.
The developer’s plan includes the acquisition of land on South Fifth and South Fourth Avenue.
The project calls for the construction of a 12-story building of approximately 296,314-square-feet with an estimated 210 affordable apartments - 13 studios, 68 one-bedroom, 100 two-bedroom and 29 three-bedroom units. Developers said 25 percent of the units will be set aside for seniors, and the project calls for underground parking and a ground floor of retail.
Both developers and city officials are expected to be in attendance at the meeting on Wednesday.
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