468.2018 Authorize Release of Escrow Funds - Tra-Tom - Cross Court and Richmond Hill Drive RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS HELD
FOR DRAINAGE COSTS TO TRA-TOM DEVELOPMENT, INC., IN
CONNECTION WITH DEDICATION OF CROSS COURT AND RICHMOND
HILL DRIVE IN BARRINGER HEIGHTS SUBDIVISION
RESOLUTION NO.: 468,2018
INTRODUCED BY: Mr.Anthony Metivier
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. George Ferone
WHEREAS, by Resolution No.: 364,2008 the Queensbury Town Board authorized the
dedication of Cross Court and Richmond Hill Drive(Roads)in the Barringer Heights Subdivision, and
WHEREAS, at the time of dedication, the Developer, Tra-Tom Development, Inc., provided
the Town with $125,000 cash escrow to ensure placement of the top coat on the roads by July 28lb,
2010 consistent with the Town Highway Superintendent's requirements along with an additional
$25,000 cash escrow for the Town to hold for five(5)years so that the Highway Superintendent could
use such funds toward drainage costs that may arise in the development, such sums to be held in
escrow in accordance with the terms of an Escrow Agreement, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the funds in an
interest bearing account, and
WHEREAS, the Highway Superintendent has advised the Town Board that no drainage costs
have arisen in the development and therefore has recommended that the $25,000 held by the Town
toward drainage costs may be released in accordance with the Escrow Agreement, and
WHEREAS, the Town Board wishes to therefore authorize the refund of such funds held
toward drainage costs to Tra-Tom Development, Inc. as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
that have been held in escrow toward drainage costs to Tra-Tom Development, Inc., in connection
with the dedication of Cross Court and Richmond Hill Drive (Roads) in the Barringer Heights
Subdivision which sum shall be the amount of$25,000 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 17ffi day of December, 2018,by the following vote:
AYES Mr. Strough, Mr. Metivier, Mrs. Atherden, Mr. Ferone, Mrs. Switzer
NOES None
ABSENT: None