Board of Estimate & Contract:
RESOLVED, that an ordinance adopted by the City Council on November 13, 2024, and signed by the Mayor on November 14, 2024, authorizing the Establishment of Custodial Accounts for the Management of Funds Related to Specific Development Projects. (The following properties have been identified as requiring dedicated custodial accounts:
• 22 North 3rd Avenue
• Grace Church (52 South 6th Avenue)
• 56 South 12th Street
• 222 East 3rd Street (Mastermind);
be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF CUSTODIAL ACCOUNTS
FOR THE MANAGEMENT OF FUNDS RELATED
TO SPECIFIC DEVELOPMENT PROJECTS
Whereas, by letter dated November 6, 2024, the City Council President has requested legislation authorizing the establishment of custodial accounts for the properties listed in this ordinance, to be used exclusively for managing funds associated with each respective development project; and
Whereas, the City of Mount Vernon seeks to support the financial management of development projects through the establishment of custodial accounts to facilitate fund allocation and oversight; and
Whereas, custodial accounts are requested to serve as holding accounts until developers of specific projects successfully complete their presentations to the City Council, submit applications, and address reimbursement of attorney fees related to each development; and
Whereas, the following properties have been identified as requiring dedicated custodial accounts:
• 22 North 3rd Avenue
• Grace Church (52 South 6th Avenue)
• 56 South 12th Street
• 222 East 3rd Street (Mastermind); and
Whereas, establishing these custodial accounts will streamline the onboarding and fund management processes, ensuring each project aligns with city requirements prior to moving forward with City Council review; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Establishment of Custodial Accounts. The Comptroller hereby authorizes the establishment of custodial accounts for the properties listed in this ordinance, to be used exclusively for managing funds associated with each respective development project.
Section 2. Conditions for Fund Management. Funds within each custodial account shall remain in holding until:
1. The developers have completed all the required presentations to the City Council.
2. Necessary applications have been submitted in accordance with city guidelines.
3. Reimbursement for attorney fees associated with each development has been arranged and documented.
Section 3. Account Administration. The City Comptroller’s Office shall administer and oversee these custodial accounts, ensuring compliance with all city policies and maintaining accurate financial records for each project.
Section 3. Effective Date. This ordinance shall take effect upon its approval by the Board of Estimate & Contract.