The Mount Vernon City Council approved a property tax exemption for six Upper Gilchrist area future commercial parcels at its Sept. 9 meeting. The property owners will make equivalent payments to fund public infrastructure improvements.
According to draft minutes of the city council's Sept. 9 meeting, Councilmember Amber Keener moved to approve an ordinance that declared improvements to the real property would be exempt from property taxation. The property owners instead would make service payments equivalent to the property taxes for a Tax Increment Financing (TIF)-Upper Gilchrist Road Fund. Each of the commercial sites will receive a 100% property tax exemption for 30 years and make equivalent service payments instead. The TIF-Upper Gilchrist Fund will be used for public infrastructure serving those properties, with any remaining funds transferred to the city's General Fund.
Public infrastructure improvements include road, street, sidewalk, bikeways, medians, and viaduct construction and improvement, according to draft minutes of the city council's Sept. 9 meeting. Other infrastructure needs may include underground utilities, storm and sanitary sewers, public parks, streetscape and landscape improvements, public parking facilities, demolition and excavation, acquisition of real estate including easements, administrative expenses, and inspection or other governmental fees.
