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 ...
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