Mount Vernon City Council is considering adding a New Community Authority (NCA) to help fund the infrastructure needed for new development projects without adding to the existing community’s tax burden, Knoxpages.com reports. An NCA “is a separate government entity that has development powers,” that can “put in infrastructure and acquire land for development as well as levy a special tax in that development only to pay for the project,” according to the article. J. Caleb Bell of Bricker & Eckler spoke to council members, explaining that combination of powers “makes this tool very special,” saying, “it’s a way of getting an additional revenue stream from new development.” Bell “said the NCA tool targets new developments or undeveloped areas that are going to be developed and puts a charge or assessment on those properties only,” creating an “independent revenue stream that comes just from new development.” Assessments run for a specified period of time such as 20 years, the article reports, and NCA money “can be used for land acquisition, infrastructure, roads, sanitary sewer, a new fire station, and community facilities” including “day care centers, pools, parks, educational facilities, lighting, pedestrian underpasses, recreational facilities, and other amenities.” For more, read the full article.
New Community Authority could provide money for new development in Mount Vernon
