[Added 8-6-2007 by L.L. No. 9-2007;
amended 8-4-2008 by L.L. No. 13-2008]
This article is enacted for the purpose of promoting a balance
in the uses permitted in the General Business District for the benefit
of the businesses and residents of the Village of Cedarhurst and all
consumers and others who engage in business in the General Business
District in the Village of Cedarhurst. Pursuant to a review of the
kinds and types of businesses located in the Village of Cedarhurst
by the Board of Trustees, it has become apparent that the number of
banks and financial institutions therein has become excessive in relation
to the needs of the businesses and residents of the Village of Cedarhurst
and all consumers and others who engage in business in the General
Business District. In addition, the practice of some banks to transact
and conclude long-term leases for space in the General Business District
and to maintain such space in a state of vacancy for extended periods
of time deprives the use of such space for all other permitted uses,
promotes an increase in the vacancy rate and negatively affects the
uniqueness of the General Business District in its historic ability
to provide a variety of retail goods and services products to the
consuming public and negatively affects the financial stability and
welfare of the existing businesses therein.
The Board of Trustees finds that by reason of the foregoing,
a disparity and imbalance of uses exists in the General Business District,
which is deleterious to the financial stability and welfare of the
existing business therein, and declares a moratorium on banks and
financial institutions as hereinafter set forth.
The Village prohibits and restricts, in their entirety, on the
ground floor of any structure in the General Business District, the
following uses:
A.
Banks of all kinds engaged in the usual and customary business and
practices of banks, including but not limited to retail banks, commercial
banks, savings and loan associations, federal credit unions, mortgage
companies, primary and secondary lenders, check cashing businesses,
and safe deposit and facilities for the storage of valuables.
B.
Financial and investment businesses, brokerages and agencies of all
kinds, including but not limited to those engaged in the purchase,
sale and investment of stocks, bonds and securities of all kinds,
fund management companies, and companies engaged in futures and options
and/or hedge fund transactions.
A use prohibited in this article, which is existing and permitted
prior to the date of its enactment, shall continue to be permitted
for the duration of this moratorium.
In the event that any portion of this article is found to be
invalid, it shall not affect the validity of the remainder thereof.
This article shall take effect immediately.
