374.2001
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
IN CONNECTION WITH MC ECHRON LANE IN
EMERALD GROVE SUBDIVISION
RESOLUTION NO.: 374, 2001
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, by Resolution No.: 80.2001 the Queensbury Town Board accepted and
approved the deed for dedication of McEchron Lane in Phase I of the Emerald Grove Subdivision, and
WHEREAS, at that time Michael J. Vasiliou, Inc. (Developer) agreed to furnish the Town
with a cash escrow in the amount of Twelve Thousand Dollars ($12,000) to ensure completion of the
top coat of the road, and
WHEREAS, Developer provided the Town with the required $12,000 and entered into an
Escrow Agreement with the Town dated May 21, 2001, and
WHEREAS, as required by the Escrow Agreement the Town deposited the $12,000 in an
interest bearing account, and
WHEREAS, by Resolution No.: 357,2001, the Town Board authorized acceptance of a
reconfigured McEchron Lane in Phase 1 and Phase 2 of the Subdivision, and
WHEREAS, by Memorandum dated September 7, 2001, the Town’s Highway Superintendent
advised the Town Board that the Developer had completed to the Highway Superintendent’s
satisfaction the top coat of the reconfigured McEchron Lane, and
WHEREAS, the Town Board wishes to authorize the refund of funds currently held in escrow
to the Developer as set forth in the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Michael J. Vasiliou, Inc., which sum shall be the amount of $12,000 plus any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s
Office to take such other and further action necessary to effectuate the terms of this Resolution.
st
Duly adopted this 1 day of October, 2001, by the following vote:
AYES : Mr. Brower, Mr. Turner, Mr. Stec, Mr. Brewer
NOES : None
ABSENT: Mr. Martin