Board of Estimate & Contract:
RESOLVED, that an ordinance adopted by the City Council on June 11, 2025, and signed by the Mayor on June 12, 2025, approving the Establishment of a Custodial Account for the Property Development Project Located at 55 Pondfield Parkway) - (the custodial account shall be used exclusively for holding funds associated with the project at 55 Pondfield Parkway. Funds deposited shall be used solely to cover application fees, attorney fees, and other city requirements, as necessary, until the developer completes the required City Council presentation and all applications have been submitted); be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF A CUSTODIAL ACCOUNT
FOR THE PROPERTY DEVELOPMENT PROJECT
LOCATED AT 55 PONDFIELD PARKWAY
Whereas, in correspondence dated June 9, 2025, Councilwoman Gleason formally requested authorization for the Comptroller’s Office to establish a custodial account for the property development project at 55 Pondfield Parkway in the City of Mount Vernon; and
hereby authorizes the Comptroller’s Office to establish a custodial account for the property development project at 55 Pondfield Parkway in the City of Mount Vernon
Whereas, the City Council of the City of Mount Vernon recognizes the need to support the management of funds for development projects to ensure proper compliance with city requirements; and
Whereas, the Comptroller’s Office has requested authorization to establish a custodial account for the property development project located at 55 Pondfield Parkway; and
Whereas, the property located at 55 Pondfield Parkway consists of a 20,000 square foot lot, and the project entails the demolition of an existing 100-year-old house and the subdivision of the lot into two 10,000 square foot lots for the construction of two new single-family dwellings; and
Whereas, the applicant for this project is MAD Real Properties, LLC, located at 1955 Central Park Avenue, Yonkers, NY 10710, with Emilio DiMatteo serving as the contact person; and
Whereas, the establishment of a custodial account is necessary to hold funds until the developer has completed the required presentation to the City Council, submitted all applications, and reimbursed any associated attorney fees; and
Whereas, this measure will streamline the onboarding process for the project and facilitate a smoother transition for City Council review and potential approvals; Now, Therefore, Be It Resolved That:
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Authorization. The City Council hereby authorizes the Comptroller’s Office to establish a custodial account for the property development project at 55 Pondfield Parkway in the City of Mount Vernon.
Section 2. Purpose of the Custodial Account. The custodial account shall be used exclusively for holding funds associated with the project at 55 Pondfield Parkway. Funds deposited shall be used solely to cover application fees, attorney fees, and other city requirements, as necessary, until the developer completes the required City Council presentation and all applications have been submitted.
Section 3. Management of the Custodial Account. The City Comptroller shall manage the custodial account in accordance with all applicable city, state, and federal regulations to ensure proper accounting and transparency. Disbursements from the account shall only be made upon verification that the necessary conditions have been met.
Section 4. Effective Date. This ordinance shall take effect immediately upon its approval by the Board of Estimate & Contract.