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 prop...
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