Board of Estimate & Contract:
RESOLVED, that a resolution adopted by the City Council on February 11, 2025, and signed by the Mayor on February 11, 2025, the Establishment of Custodial Accounts for Property Development Projects - (22 W. First Street and the Boys and Girls Club); be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
ESTABLISHMENT OF CUSTODIAL ACCOUNTS
FOR PROPERTY DEVELOPMENT PROJECTS
Whereas, by letter dated January 16, 2025, the President of the City Council has requested legislation authorizing the Office of the City Comptroller to establish custodial accounts for designated property development projects to ensure proper fund management and regulatory compliance; and
Whereas, the City of Mount Vernon is committed to ensuring the proper financial management and oversight of development projects within the city; and
Whereas, to facilitate an efficient and transparent process for managing funds associated with new development projects, it is necessary to establish custodial accounts within the Office of the City Comptroller; and
Whereas, these custodial accounts will serve as holding accounts until the developers of the respective projects complete their required presentations before the City Council, submit their applications, and reimburse any attorney fees associated with their developments; and
Whereas, the properties designated for these custodial accounts include:
• 22 West First Street
• Boys & Girls Club
Whereas, the establishment of these accounts will ensure compliance with city requirements, streamline the onboarding process, and facilitate a smoother transition for developers as they move forward with the City Council review process; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Purpose. This ordinance authorizes the Office of the City Comptroller to establish custodial accounts for designated property development projects to ensure proper fund management and regulatory compliance.
Section 2. Establishment of Custodial Accounts. The Office of the City Comptroller is hereby authorized to establish custodial accounts for the following properties:
1. 22 West First Street
2. Boys & Girls Club
These accounts shall hold funds until the developers have completed their required presentations before the City Council, submitted their applications, and reimbursed the City for any attorney fees related to their projects.
Section 3. Fund Management and Compliance. The custodial accounts shall be managed under all applicable financial regulations and city requirements. The City Comptroller shall oversee the accounts to ensure transparency, accountability, and proper financial oversight.
Section 4. Implementation. This ordinance shall take effect immediately upon passage and approval under applicable laws and procedures. The Office of the City Comptroller is directed to take all necessary steps to establish and administer the custodial accounts as outlined herein.
Section 5. Effective Date. This Ordinance shall take effect immediately upon its approval by the Board of Estimate & Contract.