[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6384449,"mediaKeyId","2122623-6635421ed603206fbf7e23bec55af943","parentId",2122623,"title","Sentinel on Third: developers present mixed-use, workforce-focused plan; board asks for economic-impact analysis and site-control steps","audioSeconds",2189,"startMs",1575000,"endMs",3764000,"viewUrl","/Search/View?dp=1&key=2122623-6635421ed603206fbf7e23bec55af943&start=1575&end=3764","thumbnailUrl","https://assets.pipeline.soar.com/2122623-6635421ed603206fbf7e23bec55af943/thumbnail_1575000.jpg","articleUrl","/articles/6384449/Mount-Vernon/Westchester-County/New-York/Sentinel-on-Third-developers-present-mixed-use-workforce-focused-plan-board-asks-for-economic-impact-analysis-and-site-control-steps","mediaUrl","https://secure.pipeline.soar.com/6384449-6abaa87dc187f8be7733feee6ee6e77c/orig.mp4?Expires=1771167359&Signature=FI5zJ2-Dyh4skZHLvZus34jLEOOxoFQ1Pq-LDCwd0LymyjkoVJyeuOoD6PQwDEnPDkMkc5-u2Ua8fwoxIvcWFW2LbrW1FwC--TFf29CRsz64csklgfPw6weJPftNp9XZGgKyxdJfFFt8BJJCYouIMMtCcQKYeE9b8s5ef~ckcSngZwsGKICRaSvEDKNkG9v6E~Fv5bOI5FPHyQuz9jWhWvDZSzLo1wFZiEXtH1lO6O~NuAwyzNPlODJt5rUWO~AQ0mm6w8u4aMMJ1yaKRgaLLw37HeXW97o4NxozFH2yHaesIgWYZ9Q6GEszFiLFqQbq6~MKtlXdt6EM8vTP6XmVLA__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Mount Vernon, NY","date","2025-01-09T00:00:00Z","article","Developers presented an update on the Sentinel on Third development to the Mount Vernon Industrial Development Agency on Jan. 9, describing a mixed-use project that the team said would combine workforce training and light-industrial space with residential units and retail. Board members and developers agreed that a formal economic-impact analysis and clear, contingent site-control arrangements must be completed before the Agency would consider incentives such as a PILOT or a long-term ground lease involving city and IDA-owned parcels.

Will Bell of Penrose, the development partner, described the project as a hybrid: “We really feel like the heart of this project is the ground floor,” he said, referring to job creation and on-site workforce training. Developers said the plan includes approximately 180 residential units across multiple AMI tiers, about 10,000 square feet of light-industrial/workforce space, a 5,000-square-foot training facility and retail/assembly space for a tenant identified as Royal Power Energy (also referred to in the meeting as RPE). The team said Royal Power Energy would relocate operations into the light-industrial component and that the project aims to couple manufacturing and distribution with vocational training and local hiring.

Board members repeatedly requested a formal economic-impact analysis that would quantify effects on city revenues and the school district, and they asked that the analysis factor in the proposed assemblage of IDA, city and private parcels as well as any long-term ground-lease structure. One board member summarized the board’s position: the economic modeling should be done early so developers and the public understand whether a project will require financial assistance from the IDA before incurring extensive soft costs.

IDA staff said an appraisal process and legal work are already underway for parcels in the project area and that an initial escrow (originally set at $15,000) has paid appraisals and legal fees; staff noted additional funds may be needed to complete a full economic analysis. Developers said they need contingent site-control documentation to satisfy financing partners (notably New York State HFA) and requested that the board and staff move the appraisal, escrow and economic-analysis steps forward in parallel.

Board members emphasized the project must demonstrably benefit the single tax base shared by the city and school district. No formal approvals or incentive commitments were made at the meeting. The development team offered to top up escrow funds as needed to allow the city’s consultant to prepare the economic-impact analysis quickly; staff and counsel said they would proceed to coordinate appraisals, legal review and an impact study and return to the board with findings and recommendations.","mediaType","Video","parentTitle","Mount Vernon IDA Meeting | January 9, 2025","oneSentenceSummary","Developers presented an update on the Sentinel on Third development to the Mount Vernon Industrial Development Agency on Jan. 9, describing a mixed-use project that the team said would combine workforce training and light-industrial space with residential units and retail.","taxTitle","Mount Vernon, Westchester County, New York","taxId",12530,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6384454,"Mount Vernon IDA reviews December finances and explores legal options to recover unpaid PILOTs",612,153000,765000,"/Search/View?dp=1&key=2122623-6635421ed603206fbf7e23bec55af943&start=153&end=765","https://assets.pipeline.soar.com/2122623-6635421ed603206fbf7e23bec55af943/thumbnail_153000.jpg","/articles/6384454/Mount-Vernon/Westchester-County/New-York/Mount-Vernon-IDA-reviews-December-finances-and-explores-legal-options-to-recover-unpaid-PILOTs","https://secure.pipeline.soar.com/6384454-0a297f37712dc57a8fe5ba9537812ad5/orig.mp4?Expires=1771167359&Signature=k1yNy5Cd3ZbNCj3mjG25h-3CMfRYxEjYEO9SqChqofyglYpVbu5GhJI2tSPIRsZIPQ4-ytuKWrKR2bwOT9umhbea4rS6kjmrRxpX2Yz0Cyc2wvstvhBHTcJOHi102lkDpUYeBkrbMYlHCDqmutdJrLQGZ312ckOWrHdRxjjuawCuRWvZURTkFfkBQjINbGwhL5NZFFTzsim7S5OjfwRHCB6i3~PMyGXvbbnSI3HAUsVpMWFp5~IhiWE5HKNvowhKxXkC7fxQtRLFKdVejVRrZQriVYyb~eSHmq2v381j640-elOIi8mJPjdf7OJR1M1wQy4A3MjBqnT~OrG~NA1Aig__&Key-Pair-Id=KUT5TJCACFTXG","The Mount Vernon Industrial Development Agency reviewed its December financial statements on Jan. 9 and discussed several overdue payment situations tied to PILOT (payment in lieu of taxes) schedules, including a nonresponsive company identified in the meeting as Dominican Magic and a recommendation from counsel to explore litigation to recover benefits and owed PILOTs.

The Agency’s finance presenter said the December report showed $450,169 in PILOT revenue and described cash and account balances across a pilot account, an operational account and a money market and escrow holdings. The presenter said some participants remain behind on administrative fees and that “we did write the initial letters to them to get the payment. No response.”

Agency counsel requested authority from the board to prepare litigation against Dominican Magic, saying, “I would request today, actually, is authorization to bring a lawsuit against Dominican Magic to call back the benefits and do anything we can to get the pilot payments and the benefits that were given.” Board members asked follow-up questions about contractual remedies and insolvency risks; counsel and other staff agreed to do additional due diligence first, including reviewing the company’s audited financial statements and pursuing a site visit to verify whether the business is operating. The board did not authorize immediate litigation at the meeting; counsel was asked to report back with findings and a recommendation at a future meeting.

Board members and staff also discussed accounting and timing challenges tied to when payments are received versus when they are paid out to beneficiary governments. The finance presenter described some reconciliation complications related to prior practice and the city’s quarterly reporting requirements, and noted escrow accounts are used to hold funds that may be needed to make future disbursements.

A summary of board directions: staff will continue collection efforts, agency counsel will conduct additional due diligence regarding Dominican Magic (including reviewing audits and potential insolvency risks) and will return to the board with a recommendation about litigation; staff will also follow up on outstanding administrative fees and recalculate any receivable schedules as needed.

The board approved routine minutes and two resolutions later in the meeting; none of those votes granted immediate authority to commence litigation against Dominican Magic.","The Mount Vernon Industrial Development Agency reviewed its December financial statements, discussed receivables and escrow balances, and debated next steps after missed PILOT payments by an entity referred to as Dominican Magic; attorneys were asked to do further due diligence and report back rather than proceeding immediately with litigation.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6384443,"Votes at a glance: Mount Vernon IDA approves minutes and two resolutions on Jan. 9, 2025",487,1077000,1564000,"/Search/View?dp=1&key=2122623-6635421ed603206fbf7e23bec55af943&start=1077&end=1564","https://assets.pipeline.soar.com/2122623-6635421ed603206fbf7e23bec55af943/thumbnail_1077000.jpg","/articles/6384443/Mount-Vernon/Westchester-County/New-York/Votes-at-a-glance-Mount-Vernon-IDA-approves-minutes-and-two-resolutions-on-Jan-9-2025","https://secure.pipeline.soar.com/6384443-cab9eecdecf9f0601b91d0e8d48b6bb2/orig.mp4?Expires=1771167359&Signature=Ivz~SwwwqmWgDH6-IFggVFGJTySmvLEBSeMJGwKCqElK0~pKsTAx~r3UzhHGodSGqPovaEm05noP9lVbcnfJPzH4jTzE1E8tOYymHGF8yukGUGaO6pbZTXrkxQT~hrk9vZ0No7QDofY-k7TDVJsF0Av8D5stOvXtkNKJKX7sQP1iwBgcv1yChb8XMb0NRtN07gxo3ksJv-c3JCkYmqyqrepbxBXpd1kr0seUEN1--24FNA7NbzOXSiA3U4MnlCbdFus2P7-WHelORn1374QxQBRpcbWjQ4m2wpbP78HNxmrMvJjp84jFbfy5b0o6qGOGiihXoX6YdouuaKSf-CCjSA__&Key-Pair-Id=KUT5TJCACFTXG","The Mount Vernon Industrial Development Agency recorded the following actions during its Jan. 9 meeting:

Adoption of minutes
The board adopted the minutes from the Dec. 13, 2024 regular meeting and the Dec. 19, 2024 special meeting by voice vote after motions from board members. The chair called for “all in favor?” and members responded “Aye.”

Resolution 1/2025-1: approval of invoice payments
The board approved Resolution 1/2025-1, authorizing payment of several invoices including the City of Mount Vernon Board of Water Supply ($1,400+), New York State Economic Development Council 2025 membership dues ($850), and an appraisal invoice to Valuation Plus ($8,750) to be paid from an escrow account established by the developer for the Sentinel project. The motion was moved and seconded and approved by voice vote.

Resolution 1/2025-2: consent for interest transfer (130 Modern LLC)
The board approved Resolution 1/2025-2, a consent resolution related to a 0.01% transfer of an upper-tier managing-member interest in the 130 Modern LLC project. Attorneys on the call described the change as a pro forma amendment to the regulatory agreement that does not alter project ownership or payments to the IDA. The board approved the resolution by voice vote (recorded in the minutes as 4-0).

No other incentive actions or PILOT approvals were taken at the meeting.","The IDA approved minutes from two December meetings and passed two resolutions: invoice payments (Resolution 1/2025-1) and consent for a minor interest transfer related to 130 Modern LLC (Resolution 1/2025-2). All actions were approved by voice vote; the transfer resolution recorded a 4-0 voice vote.","actionData","errors"]

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Sentinel on Third: developers present mixed-use, workforce-focused plan; board asks for economic-impact analysis and site-control steps

Mount Vernon IDA reviews December finances and explores legal options to recover unpaid PILOTs

Votes at a glance: Mount Vernon IDA approves minutes and two resolutions on Jan. 9, 2025