MOUNT VERNON

CHAMBER OF COMMERCE

THE CITY OF MOUNT VERNON MEANS BUSINESS

Mount Vernon's government understands the importance of a healthy, growing private sector - and how it continually benefits the surrounding community.  Simply stated, Mount Vernon knows that more business means more jobs and more spending, which leads to increased revenues and increased investment, which in turn leads to more jobs... The bottom line is that when business is good, everybody benefits.

To back up its commitment to business, the City of Mount Vernon offers many programs to attract and assist existing firms, and to help new ones get established.  To highlight a few of these programs:

The Industrial Development Agency Financial Program is administered by the City of Mount Vernon Industrial Development Agency (IDA), a public benefit corporation whose purpose is to stimulate the growth of industry in Mount Vernon through the availability of financial incentives.  The IDA is not a bank, but serves as a financial bridge between business and the financial community.  The IDA raises funds through bond issues, and because IDA bonds are tax exempt, the savings are passed on in the form of below-market interest rates to the business borrower.  In general, these interest rates are several points below those available through conventional financing.

As an inducement to attract and keep businesses and their attendant jobs in Mount Vernon, the Agency may provide certain benefits to financed businesses derived from its tax exempt position.  These tax advantages would be contained in the "payment in lieu of taxes" provisions in the agreement entered into by the Agency and the financed business.

485b Property Tax Exemptions are provided to encourage the creation and expansion of business and industry within the City of Mount Vernon.  They are permitted on the assessed value of real property which is constructed, altered, or improved for the purpose of commercial, business, or industrial activity.  These tax exemptions are available on city, school and county taxes.  The exemption is for a ten year period, starting with a 50% exemption in the first year, and decreasing by 5% annual increments for the remaining 9 years.  Tax exemptions under this program are granted only upon application by the owner to the local Tax Assessor.

New York State Job Development Authority Loan Program is administered by the New York State Job Development Authority (JDA), a public benefit corporation whose purpose is to stimulate job creation in New York State by providing financial assistance for the construction, rehabilitation and expansion of manufacturing, industrial and research and development firms.  The JDA is funded through the sale of large, state-guaranteed bond issues, the proceeds of which are used to make loans to eligible business enterprises.

The JDA is used to make low interest, long term, second mortgage loans. Loans may be made to a maximum of 40% of the total project cost, with financing of up to twenty years.

The Small and Minority Business Loan Program provides small and/or minority owned commercial, retail, wholesale, or industrial establishments in the City of Mount Vernon below market interest rate loans to strengthen and/or expand these enterprises as a part of the City's Overall Economic Development Program.  The activities eligible for this program include acquisition and rehabilitation of real property, purchase of machinery and equipment and funds for working capital and inventory. 

Mount Vernon's Community Development Commercial Rehabilitation Program offers free architectural design assistance for all facade renovations of commercial spaces.  It also provides incentive grants and interest rate reductions for loans made by bonafide lending institutions for the purpose of facade improvements.

For information on these and other programs offered to assist business in the City, contact the City of Mount Vernon Planning Department at (914) 699-7230, or the Mount Vernon Chamber of Commerce at (914) 667-7500.