Board of Estimate and Contract:
RESOLVED, that an Ordinance adopted by the City Council on June 10, 2026, and signed by the Mayor on June 11, 2026, authorizing the establishment of a Custodial Account for the Proposed Development Project Located at 745 South Third Avenue, Mount Vernon, New York 10550- (funds deposited into the custodial account shall remain subject to applicable City policies, ordinances, regulations, and procedures. No deposits shall be construed as approval of the proposed project, zoning designation, site plan, permits, or any other governmental action); be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF A CUSTODIAL ACCOUNT
FOR THE PROPOSED DEVELOPMENT PROJECT
LOCATED AT 745 SOUTH THIRD STREET,
MOUNT VERNON, NEW YORK
Whereas, in correspondence dated June 10, 2026, the Legislative Assistant to the Mount Vernon City Council formally requested authorization by the Office of the City Comptroller to establish a custodial account for the proposed development project located at 745 South Third Street, Mount Vernon, New York 10550, which shall be known and may be cited as the “745 South Third Street Development Custodial Account Authorization Ordinance”; and
Whereas, the City of Mount Vernon is committed to ensuring the orderly administration and review of development projects proposed within the City; and
Whereas, a development proposal has been submitted concerning the property located at 745 South Third Street, Mount Vernon, New York 10550, for the establishment of a PUD-2 Planned Unit Development Zoning District and the construction of a new fourteen (14) story mixed-use building on a vacant parcel; and
Whereas, the proposed development is being advanced by or on behalf of the property owner and applicant, c/o Prabhjit Singh - rackys10@gmail.com; and
Whereas, the City anticipates the receipt of funds associated with the review and processing of the proposed development, including but not limited to application fees, escrow deposits, reimbursement of legal fees, consultant fees, and other costs incurred by the City in connection with the review of the project; and
Whereas, the establishment of a custodial account will facilitate the proper receipt, management, safeguarding, and disbursement of such funds pending completion of all required presentations, applications, approvals, and reviews by the City Council and other applicable municipal agencies; and
Whereas, the City Council finds that the creation of such a custodial account is necessary and appropriate to ensure compliance with City requirements and to provide an efficient administrative process for the proposed development project;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MOUNT VERNON, NEW YORK, AS FOLLOWS:
Section 1. Title. This Ordinance shall be known and may be cited as the “745 South Third Street Development Custodial Account Authorization Ordinance.”
Section 2. Legislative Findings and Purpose. The City Council hereby finds that establishing a custodial account for the proposed development project located at 745 South Third Street serves a valid public purpose by providing a mechanism for the receipt, maintenance, and disbursement of funds related to the City's review and processing of the proposed development application, including reimbursement of professional and legal expenses incurred by the City.
Section 3. Authorization to Establish Custodial Account. The Office of the City Comptroller is hereby authorized and directed to establish and maintain a custodial account for the proposed development project located at 745 South Third Street, Mount Vernon, New York 10550.
Section 4. Purpose of Account. The custodial account shall serve as a holding account for funds deposited by or on behalf of the developer and shall be used exclusively for purposes related to the proposed development project, including but not limited to:
A. Application and review fees;
B. Reimbursement of attorney fees incurred by the City;
C. Reimbursement of consultant, engineering, planning, environmental, or professional review expenses;
D. Escrow deposits required by the City; and
E. Any other lawful costs associated with the review, processing, and administration of the development proposal.
Section 5. Conditions for Use of Funds. Funds deposited into the custodial account shall remain subject to applicable City policies, ordinances, regulations, and procedures. No deposits shall be construed as approval of the proposed project, zoning designation, site plan, permits, or any other governmental action.
The developer shall remain responsible for completing all required presentations before the City Council, submitting all required applications and supporting documentation, and satisfying all legal and regulatory requirements prior to obtaining any approvals.
Section 6. Administration of Account. The City Comptroller shall administer the custodial account in accordance with applicable laws, financial controls, accounting standards, and City procedures governing custodial and escrow funds.
The Comptroller is authorized to receive deposits, maintain records, make authorized disbursements, and take all the reasonably necessary actions to carry out the purposes of this Ordinance.
Section 7. No Vested Rights Created. Nothing contained herein shall be interpreted as granting any vested development rights, zoning approvals, permits, licenses, or entitlements to the applicant, developer, property owner, or any successor in interest.
Section 8. Severability. If any section, subsection, sentence, clause, phrase, or provision of this Ordinance is for any reason held invalid or unconstitutional by a court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Ordinance.
Section 9. Effective Date. This Ordinance shall take effect immediately upon adoption by the City Council and subsequent approval by the Board of Estimate and Contract.