City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF A CUSTODIAL ACCOUNT
FOR THE SENTINEL ON THIRD PROJECT
Whereas, in correspondence dated August 8, 2025, the City Clerk formally requested authorization for the Office of the City Comptroller to establish a custodial account to hold funds related to the Sentinel on Third development project; and
Whereas, the City of Mount Vernon recognizes the importance of effective fiscal management and oversight in relation to development projects within the City; and
Whereas, the developer of the project known as “Sentinel on Third” is required to complete a formal presentation to the City Council and submit a full application as part of the City’s development review process; and
Whereas, the City requires reimbursement for attorney fees associated with the legal review and advisory services related to this development; and
Whereas, the Office of the City Comptroller has determined that the establishment of a custodial account is the most efficient means to hold and manage such funds in compliance with City requirements; and
Whereas, the creation of this custodial account will streamline the onboarding process for the Sentinel on Third project and facilitate a smooth transition into the City Council review phase once the developer is prepared to move forward; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Authorization to Establish Custodial Account. The Office of the City Comptroller is hereby authorized and directed to establish a custodial account to hold funds related to the Sentinel on Third development project.
Section 2. Purpose of the Custodial Account. The custodial account shall serve as a temporary holding account until:
1. The developer has successfully completed their required presentation to the City Council;
2. The developer has submitted a complete and proper application in accordance with City requirements; and
3. The City has received reimbursement for all attorney fees associated with the development review.
Section 3. Administration of Funds. The Office of the City Comptroller shall manage and account for all funds deposited into the custodial account in accordance with applicable City policies, State laws, and generally accepted accounting principles.
Section 4. Disbursement of Funds. No funds shall be released from the custodial account until all conditions set forth in Section 2 have been met, and any disbursement shall be authorized in writing by the Comptroller in consultation with the City’s Corporation Counsel.
Section 5. Effective Date. This Ordinance shall take effect immediately upon its adoption by the City Council and subsequent approval by the Board of Estimate and Contract.