City Council:
AN ORDINANCE AUTHORIZING THE COMPTROLLER
TO ESTABLISH A CUSTODIAL ACCOUNT - STATION
PLAZA DEVELOPMENT PROJECT, 20 SOUTH WEST STREET
Whereas, in correspondence dated March 5, 2026, the Legislative Assistant to the Mount Vernon City Council formally requested authorization for the Comptroller to establish a custodial account for the development project known as Station Plaza, located at 20 South West Street, Mount Vernon, New York, for the purpose of receiving and administering funds deposited by the developer in connection with the City’s review of the project; and
Whereas, the City Council of the City of Mount Vernon has been informed of a proposed development project known as Station Plaza, located at 20 South West Street, Mount Vernon, New York, consisting of a thirteen (13) story tower on a podium mixed-use building; and
Whereas, the developers of the Station Plaza project are required to submit applications, make presentations to the City Council, and undergo various municipal reviews and approvals prior to proceeding with the project; and
Whereas, the City customarily requires the establishment of custodial or escrow accounts in connection with development projects in order to ensure that funds are available to reimburse the City for professional review services, including but not limited to legal, planning, engineering, and other consultant fees incurred by the City in connection with such applications; and
Whereas, the Office of the City Comptroller has requested authorization to establish a custodial account for the Station Plaza development project for the purpose of receiving and managing funds associated with the City’s review and administration of the project; and
Whereas, the custodial account will serve as a holding account for funds deposited by the developer until such time as the developer completes the required presentations to the City Council, submits the necessary applications, and reimburses the City for attorney fees and any other professional expenses related to the project review; and
Whereas, the property owner and/or developer for the project is represented by counsel as follows:
Station Plaza - 20 South West Street
c/o Diana Bunin Kolev, Esq.
DelBello Donnellan Weingarten Wise & Wiederkehr, LLP
360 Hamilton Avenue, Suite 1010
White Plains, New York 10601
(914) 681-0200
dbk@ddw-law.com; and
Whereas the establishment of a custodial account will ensure proper management of project-related funds, maintain financial transparency, and allow the City to comply with its established fiscal procedures, while facilitating the orderly review of the development proposal.
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Mount Vernon, as follows:
Section 1. Authorization. The City Comptroller is hereby authorized and directed to establish a custodial account for the development project known as Station Plaza, located at 20 South West Street, Mount Vernon, New York, for the purpose of receiving and administering funds deposited by the developer in connection with the City’s review of the project.
Section 2. Purpose of Account. The custodial account shall be used to hold and disburse funds necessary to reimburse the City for professional services and expenses incurred in connection with the review of the project, including but not limited to legal, engineering, planning, and other consultant fees.
Section 3. Deposits and Administration. The developer or its authorized representative shall deposit into the custodial account any funds required by the City. The account shall be administered by the Office of the City Comptroller in accordance with all applicable City financial policies and procedures.
Section 4. Compliance with City Requirements. The establishment of this custodial account is intended to facilitate the project’s administrative review process and ensure that all applicable City requirements related to project review and professional fee reimbursement are satisfied.
Section 5. Effective Date. This Ordinance shall take effect immediately upon adoption by the City Council and subsequent approval by the Board of Estimate and Contract.