Board of Estimate and Contract:
RESOLVED, that an Ordinance adopted by the City Council on May 13, 2026, and signed by the Mayor on May 15, 2026, authorizing the establishment of a Custodial Account for the Development Project Located at 150 East First Street, Mount Vernon, New York, as follows:
Purpose of Account. The custodial account shall be used to collect and administer funds for professional review costs, attorney fees, consultant fees, application-related expenses, and any other reimbursable costs incurred by the City in connection with the proposed development project.
; be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF A CUSTODIAL ACCOUNT
FOR THE DEVELOPMENT PROJECT LOCATED
AT 150 EAST FIRST STREET, MOUNT VERNON, NY
Whereas, in correspondence dated May 12, 2026, the Legislative Assistant to the Mount Vernon City Council formally requested authorization the Office of the City Comptroller to establish a custodial account for the development project located at 150 East First Street, Mount Vernon, New York 10550, for the purpose of receiving, holding, administering, and disbursing funds associated with the review and processing of the proposed development project; and
Whereas, the proposed project contemplates the demolition of an existing commercial structure and the construction of a new twenty-one (21) story, two hundred twenty-eight (228) unit mixed-use building; and
Whereas, the property owner is Richard Giacovas, c/o AA Air Filters, whose contact information is listed as (914) 663-1300 and email address aaairfilters33@aol.com; and
Whereas, legal representation for the proposed development project is being provided by Mark Blanchard, Blanchard Law Group, PLLC, located at (914) 779-1100; and
Whereas, the custodial account shall serve as a temporary holding account for deposits and reimbursements associated with the proposed development project, including but not limited to attorney review fees and other professional expenses incurred by the City; and
Whereas, the establishment of the custodial account is necessary to ensure proper management, safeguarding, and disbursement of funds in compliance with all applicable City requirements and procedures; and
Whereas, the custodial account will facilitate the orderly onboarding and review of the development project pending the developer’s formal presentation before the City Council and submission of all required applications and documentation; and
Whereas, the City Council finds that authorizing the establishment of said custodial account is in the best interests of the City of Mount Vernon and promotes efficient administration of development review procedures.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MOUNT VERNON AS FOLLOWS:
Section 1. Authorization to Establish Custodial Account. The Office of the City Comptroller is hereby authorized and directed to establish a custodial account for the development project located at 150 East First Street, Mount Vernon, New York 10550, for the purpose of receiving, holding, managing, and disbursing funds associated with the review and administration of the proposed project.
Section 2. Purpose of Account. The custodial account shall be used to collect and administer funds for professional review costs, attorney fees, consultant fees, application-related expenses, and any other reimbursable costs incurred by the City in connection with the proposed development project.
Section 3. Conditions of Use. The funds maintained within the custodial account shall remain subject to all applicable City policies, procedures, rules, and regulations governing custodial and escrow accounts. No funds shall be released except in accordance with authorization by the Office of the City Comptroller and applicable law.
Section 4. Project Review Requirements. Nothing contained herein shall be construed as approval of the proposed development project. The developer shall remain responsible for completing all required presentations, applications, land use approvals, permits, environmental reviews, and any other approvals required by the City of Mount Vernon and any other governmental agency having jurisdiction.
Section 5. Severability. If any clause, sentence, paragraph, subdivision, Section, or part of this Ordinance shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, subdivision, Section, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Section 6. Effective Date. This Ordinance shall take effect immediately upon adoption by the City Council and subsequent approval by the Board of Estimate and Contract.