101.2002
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS AND
CLOSURE OF ESCROW ACCOUNT IN CONNECTION WITH CENTRAL
QUEENSBURY QUAKER ROAD SEWER DISTRICT EXT. #2 – UPPER
GLENS FALLS DEVELOPMENT CORP.
RESOLUTION NO.: 101, 2002
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, by Resolution No.: 496,94, the Queensbury Town Board established and
authorized the Cronin Road Extension No. 2 to the Central Queensbury Quaker Road Sewer District
and executed a Sewer Extension Agreement with the Developer, Upper Glens Falls Development
Corporation (Development Corp.), and
WHEREAS, the Development Corp. agreed to deposit funds in escrow with the Town to
cover costs related to construction of the sewer facilities, engineering and other related expenses, and
WHEREAS, by Town Board Resolution No.: 460,96, the Town Board authorized the return
of a portion of escrow funds to the Development Corp. and retained the balance of escrow funds as
requested by the Deputy Director of Wastewater (Deputy Director), and
WHEREAS, the Deputy Director has advised that the Development Corp. has completed all
remaining punch list items and one year warranty period and therefore recommends that the Town
release the balance of escrow funds held by the Town, plus any interested earned in January 2002, to
the Development Corp. and close the escrow account,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of approximately
$1,440 in escrow funds plus any interest earned in January 2002, to the Upper Glens Falls
Development Corporation, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s
Office to refund the escrow funds, close the escrow account established for the Upper Glens Falls
Development Corporation and take such other and further action as may be necessary to effectuate the
terms of this Resolution.
th
Duly adopted this 11 day of February, 2002, by the following vote:
AYES : Mr. Boor, Mr. Turner, Mr. Stec, Mr. Brower
NOES : None
ABSENT: Mr. Brewer