In a recent meeting, the Mount Vernon Industrial Development Agency (IDA) addressed significant developments regarding local infrastructure and housing projects.

The meeting began with an update on the demolition of a long-standing property at 217 South 4th Avenue, previously occupied by National Gear and Piston for over 30 years. The building, which suffered a collapse due to a weather incident, was demolished after consultations with structural and city engineers. The demolition process took one day, followed by five days for debris removal and site restoration. Air quality reports from the demolition indicated no issues, and these will be shared with the board along with the associated costs.

Following the demolition discussion, Ms. Storrs presented an updated economic analysis for the Qwest affordable housing project. She noted that as projects progress, financial adjustments are common. The total project cost has risen to $157.6 million, primarily due to increases in soft costs and financing. Changes in anticipated operating expenses and adjustments to the rental income projections were also highlighted, resulting in a lower estimated rental income than previously analyzed.

The proposed pilot for this project, which is based on rental income, will be affected by these changes. Ms. Storrs provided two versions of her report to address concerns raised by the board regarding the potential impact on existing residents of Mount Vernon. The analysis considered scenarios where new residents would occupy the units versus existing residents moving into the new affordable housing. The findings suggest that the project could incur additional service costs due to an influx of new households and school children, depending on the occupancy mix.

Overall, the meeting underscored the IDA's commitment to addressing both infrastructure needs and housing development in Mount Vernon, while navigating the complexities of project financing and community impact.