419.2001
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
IN CONNECTION WITH KENWOOD CIRCLE AND LONGVIEW DRIVE
IN THE GLEN AT HILAND MEADOWS SUBDIVISION
RESOLUTION NO.: 419, 2001
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
WHEREAS, by Resolution No.: 384,2001 the Queensbury Town Board accepted and
approved the deed for dedication of Longview Drive and Kenwood Circle in The Glen at Hiland
Meadows Subdivision, and
WHEREAS, at that time AOW Associates, Inc., (Developer) agreed to furnish the Town with
a cash escrow in the amount of Twenty-Five Thousand Dollars ($25,000) to ensure completion of the
top coat of the roads, and
WHEREAS, Developer provided the Town with the required $25,000 and entered into an
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Escrow Agreement with the Town dated September 27, 2001, and
WHEREAS, as required by the Escrow Agreement the Town deposited the $25,000 in an
interest bearing account, and
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WHEREAS, by Memorandum dated October 25, 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 roads, 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 AOW Associates, Inc., 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 Comptroller’s
Office to take such other and further action necessary to effectuate the terms of this Resolution.
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Duly adopted this 5 day of November, 2001, by the following vote:
AYES : Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Turner
NOES : None
ABSENT: Mr. Martin