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Board approves custodial accounts for development projects; officials stress accounts do not equal project approval
Summary
The board approved establishing custodial (escrow) accounts for two development projects and officials reiterated that creating an account to capture a developer’s soft‑cost payments is a procedural step and does not signify project approval.
The Board of Estimate and Contract approved an ordinance Feb. 18 establishing custodial accounts for property-development projects (listed in the meeting as 22 West First Street and a Boys & Girls Club project). Staff and elected officials used the discussion to explain how custodial accounts function and why the city has been formalizing them.
Comptroller Morton explained that custodial accounts (formerly handled as trust and agency accounts) were…
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