Board of Estimate and Contract:
RESOLVED, that an Ordinance adopted by the City Council on March 11, 2026, and signed by the Mayor on March 12, 2026, authorizing the Return of Escrow Funds for 256-260 East 3rd Street - (balance in the amount of $7,667.17 associated with the property located at 256-260 East 3rd Street, provided that the City confirms there are no outstanding outside consultant fees or related charges owed in connection with the project); and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE RETURN
OF ESCROW FUNDS FOR 256-260 EAST 3RD STREET
Whereas, in correspondence dated March 5, 2026, the Legislative Assistant to the City Council formally requested authorization for the Comptroller to return the remaining escrow balance in the amount of $7,667.17 associated with the property located at 256-260 East 3rd Street, contingent upon confirmation that there are no outstanding outside consultant fees or related charges owed in connection with the project; and
Whereas, an escrow account was previously established in connection with matters relating to the property located at 256-260 East 3rd Street in the City of Mount Vernon to cover potential outside consultant review and related project expenses; and
Whereas, a balance of Seven Thousand Six Hundred Sixty-Seven Dollars and Seventeen Cents ($7,667.17) remains on deposit in said escrow account; and
Whereas, the City has been informed that there are no outstanding consultant fees or charges related to the project associated with the property at 256-260 East 3rd Street; and
Whereas, in correspondence dated February 17, 2026, Brad Schwartz, Esq., of Zarin & Steinmetz LLP, confirmed that the firm has no outstanding invoices related to this project; and
Whereas, the City Council finds it appropriate to authorize the return of the remaining escrow funds, provided that no outstanding outside consultant fees are owed to the City.
NOW, THEREFO...
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