421.2018 Authorizing Release of Escrow Funds - Patten Property - Ridgewood Court RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO
PATTEN PROPERTY DEVELOPMENT, LLC IN CONNECTION WITH
RIDGEWOOD COURT IN RIDGE ROAD SUBDIVISION
RESOLUTION NO.: 421,2018
INTRODUCED BY: Mr.Anthony Metivier
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mrs. Catherine Atherden
WHEREAS, by Resolution No.: 173, 2015, the Queensbury Town Board accepted from
Robert Wall the dedication of Ridgewood Court in the Ridge Road Subdivision and at the time of
dedication, Mr. Wall provided the Town with$12,444 cash escrow to ensure completion of the Road,
such sum to be held in escrow in an interest bearing account in accordance with the terms of an Escrow
Agreement, and
WHEREAS, Patten Property Development, LLC purchased the Ridgewood Court Subdivision
from Mr. Wall and accordingly Mr. Wall assigned his rights and obligations under the Escrow
Agreement to Patten Property Development, LLC, which resulted in Patten Property Development,
LLC being the Developer, and
WHEREAS, by Resolution No.: 228, 2015, the Town Board authorized such assignment of
the Escrow Agreement between Robert Wall and the Town of Queensbury to Patten Property
Development, Inc., and
WHEREAS, the Highway Superintendent has advised the Town Board that Ridgewood Court
has been completed to his satisfaction in accordance with the Escrow Agreement and therefore has
requested that the monies held by the Town be released, and
WHEREAS, the Town Board wishes to therefore authorize the refund of funds currently held
in escrow to Patten Property Development, LLC as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Patten Property Development, LLC in connection with the dedication of Ridgewood Court in the
Ridge Road Subdivision which sum shall be the amount of$12,444 plus any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Town
Highway Superintendent and/or Town Budget Officer to take such other and further action necessary
to effectuate the terms of this Resolution.
Duly adopted this 19ffi day of November, 2018,by the following vote:
AYES Mr. Strough, Mr. Metivier, Mrs. Atherden, Mr. Ferone, Mrs. Switzer
NOES None
ABSENT: None