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1993-01-14 Mr. Gagliano-We have over 50% of the mall shop section of the expansion signed. We also have several other leases in various stages of negotiation. We have positive discussions with Penny and Sears and the 4th Department Store as well. Councilman Caimano-Questioned the construction drawings? Mr. Gagliano-Noted Penny's drawings will be off-the-shelf drawings. Councilman Tucker-What is the legal ramifications here? Attorney Dusek-Noted, the contract does not say time is of the essence so when you have a closing date set forth in the contract, the date is a reasonable date ... What is reasonable, a few days, a week, it's not a big deal. Can they push that to two months? I do not think so. Councilman Tucker-Can we get out of the contract? Attorney Dusek-I do not think so. Councilman Tucker-What is in the contract? Attorney Dusek-I. Described the property that is being sold ...2. terms of sale: $400,000 ... Paid $50,000 at closing, $50,000 in promissory note to be paid one year thereafter without interest, the remaining $300,000 shall be paid as follows: by 100,000 cubic yards of sand to be delivered where the town designates. If there is not 100,000 yards there, they have to pay the difference ... 3. closing date January 20th... Contract lists responsibility of closing taxes, possession of property, marketable title, property as is. Noted a water line across the property which we reserve the right of an easement and also buyer reserves the right to relocate the sewer or water easements, must be approved by the Town Board ... Contract was subject to a permissive referendum ... None filed ... They have contingencies regarding financing... Supervisor Brandt-Noted the high work load at present for the Town Attorney... sixty day extension would be helpful... Attorney Dusek-Agreed. Councilman Caimano- The last time we met on this, I was on another Board. I remember there was a rush. In the minutes we skipped certain things to get you done and left you with certain things to do when the Planning Board approved the project. Have they been done? Mr. Gagliano-In January the Planning Board approved the site plan, there were four contingencies: 1, report from Thomas Flaherty regarding the water line which was filed the following month with Planning Board and accepted by that group. 2, continued efforts regarding a different access road, also submitted a report in February of that year. 3, Engineers Letter, responded to that and the Planning Board signed off. 4, Site plan meets all Zoning Ordinances ... Noted that the Board has asked us for continued efforts to try and find a separate type of egress and ingress the difficulty is Pyramid Co. does not have control of the property that surrounds it ... Have had discussions with NIMO regarding their adjacent property, they are not interested at this point in running a road across their parcel... Noted, if they were interested, there are other parcels that would have to be negotiated... Supervisor Brandt-Talked about the ice tea program and noted that they may not want to move the sand very far if something can be put together there. Mr. Gagliano-There is an estimate of 250,000 yards of sand, could be used by the Town or us to create fill for a road... Councilman Monahan-Questioned the 50% of the mall expansion signed... Mr. Gagliano-The Penny Store will be cut up into 13 separate stores, 50% of that space has been signed ... There was noted a concern about Sears, I have spoken to the Sears Officials and was assured that this store is not on the chopping block ... Sears is a B store ... (used map to show expansion of the mall) new Penny off to the West, 4th Dept. store to the back, add 15,000 sq. feet to Sears ... Caldor has requested additional space... Councilman Caimano-Questioned if the 4th anchor store is signed? Mr. Gagliano-There was a lease signed with Steinbeck ... noted Steinbeck sales have not done well, we feel that there are better anchors to put here..we are talking to at least three other stores that want to be here... Councilman Goetz-How is TJ Max's doing? Mr. Gagliano-Very well, they would like more space too... Councilman Monahan-Questioned the impact that Walmart will make? Mr. Gagliano-Caldor would be the most directly effected along with TJ Max's ... In general it forces, in my opinion, other retailers to be more competitive... Councilman Monahan-Spoke on the traffic issue... Mr. Gagliano-From a traffic stand point, there are several issues that the Town has to deal with. The issue with the bridge and the amount of development toward West Mountain and Quaker Road, you are creating a need. Whenever you build a new house or approve a new business on Quaker Road, you are increasing the amount of traffic... Supervisor Brandt-Asked the Board's opinion... Councilman Tucker -Noted, that he does not like the price of the dirt... Supervisor Brandt -My feeling, the work load that we have, the weather being the time of year it is, sixty days is not a hardship ... I would be reluctant to go beyond that... Councilman Goetz-I am concerned about the bank, I do not have a problem with the sixty days... Councilman Monahan-Why don't we cross that bridge when we come to it, we do not know what the economic picture is going to be sixty days from now, the way things are fluctuating... Councilman Caimano-I think you are right, we have to cross that bridge when we come to it ... Who knows what the situation will be sixty days from now... Mr. Gagliano-I would like to remind the Board that there are issues with the Town, we talk about traffic, banks etc. What we are talking about as well is another 100-150 jobs in an area with high unemployment ... Talking about increases in sales tax to the Town, County and State... Councilman Monahan-I would like your assurance, if we can get everybody else to cooperate with the Town to bring the road up the back way, that we're going to get cooperation from the mall... Mr. Gagliano-The mall will back another form of ingress and egress. I will support and work with the Town to do whatever makes sense back there ... From a mall standpoint, we support what you are trying to do and will work side by side with you in that regard. RESOLUTION EXTENDING TIME PERIOD ON REAL ESTATE CONTRACT RESOLUTION NO. 74, 93 INTRODUCED BY: Mr. Nick Caimano WHO MOVED FOR ITS ADOPTION SECONDED BY: Mr. Michel Brandt WHEREAS, the Town Board of the Town of Queensbury has considered a request by the Pyramid Company of Glens Falls to extend the closing date on the real estate contract of purchase that was previously entered into concerning the sale of certain properties adjacent to the Mall property currently owned by the Town of Queensbury, and WHEREAS, the aforesaid closing date and contingent date by which to close and to satisfy contingencies was January 20th 1993, NOW, THEREFORE BE IT RESOLVED, the Town Board of the Town of Queensbury hereby determines, approves and agrees that an extension in which to close and satisfy contingencies shall be March 31, 1993 and the Town Supervisor is hereby authorized to execute a letter or agreement as may be necessary to effectuate the terms and provisions of the resolution. Duly adopted this 14th day of January, 1993 by the following vote: AYES: Mrs. Monahan, Mrs. Goetz, Mr. Caimano, Mr. Tucker, Mr. Brandt NOES: None ABSENT: None Supervisor Brandt-Passed out the new consolidated landfill agreement, to be addressed Monday night ... We will need to talk to the Howard Group, Mr. Carr's letter is skirting the issue regarding sewer hookup extension... Town Board agreed that Mr. Shaw should handle this issue the same as those handled the other night ... Mr. Shaw has been authorized to take action to give a waming letter. See what happens after the warning letter and then go to court if you have to... On motion the meeting was adjourned. Respectfully submitted, Miss Darleen M. Dougher Town Clerk-Queensbury