476.92
RESOLUTION CONCERNING THE PAVEMENT OF ROADS
IN THE QUAKER RIDGE COMMERCIAL PLAZA, I.E.,
QUAKER RIDGE BOULEVARD AND EAST QUAKER SERVICE ROAD
RESOLUTION NO.: 476, 92
INTRODUCED BY: Mr. Michel Brandt WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Pliney Tucker
WHEREAS, during the year 1988, the Town of Queensbury accepted
the dedication of certain roads by the Earltown Corporation in the
proposed Quaker Ridge Commercial Plaza, said roads being the Quaker
Ridge Boulevard and East Quaker Service Road, and
WHEREAS, at the time that the roads were dedicated, the same
did not have applied thereto, an asphalt top-coat, and
WHEREAS, the Earltown Corporation promised to apply such top-
coat and the Town accepted dedication of the roads, and
WHEREAS, Earltown Corporation further provided an irrevocable
letter of credit in the amount of $40,000.00 to provide the Town
with security in the event that the top-coat was not applied as
promised, and
WHEREAS, subsequent to the irrevocable letter of credit, an
amendment was issued thereto, indicating that the same would not
expire unless 90 days prior to the anniversary date of the letter
of credit, the bank providing the same issued a notice that the
same would not be renewed, and
WHEREAS, the amendment to the letter of credit states that the
town upon receipt of a notice as set forth above, may draw the full
amount of the credit thereunder against the towns draft only, with
the documentation mention therein, and
WHEREAS, by letter agreement dated September 26, 1988, a copy
of the same being annexed hereto, Earltown Corporation indicated
that upon receipt of a notice by the bank that the letter of credit
would not be renewed, the Company would have 30 days to produce a
new letter of credit, and in the event that the Company failed to
post a new credit facility within such a period, it agreed to
proceed and complete the highway in accordance with the approved
plans and specifications upon written notice from the Town, and
WHEREAS, the Fleet Finance Group (Norstar Bank) has indicated
it desires to terminate the letter of credit and the Town Deputy
Highway Superintendent has indicated a desire to issue notice to
the Earltown Corporation that the roads be completed this week and
the Town Board is likewise in agreement that the same be completed
this week, and in the event that they are not, that an
authorization be issued providing for a withdrawal from the
aforesaid letter of credit, unless the Earltown Corporation and
Norstar Bank renew said letter of credit,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the Town Supervisor to write Earltown Corporation and
advise that, together with the Town Deputy Highway Superintendent
that the Town Board requires that the roads at the Quaker Ridge
Commercial Plaza, the same being Quaker Ridge Boulevard and East
Quaker Service Road, be paved this week, but no later than
September 8, 1992, or in the alternative, that Earltown Corporation
post a new letter of credit on or before September 8, 1992 to
protect the Town's interest in the pavement of the roads, and
BE IT FURTHER,
RESOLVED, that in the event that the Earltown Corporation does
not provide for the pavement of the roads or letter of credit as
herein provided, the Town Board of the Town of Queensbury hereby
authorizes and directs the Town Supervisor to provide a signed
statement from the Town of Queensbury and signed by the Town
Supervisor stating that the roads have not been completed in
accordance with the approved plans and specifications and the date
for such completion has passed, and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes and directs the Town Supervisor to provide and execute
such documentation as shall be required to provide for payment
under the letter of credit.
Duly adopted this 31st day of August, 1992, by the following
vote:
AYES : Mr. Tucker, Mrs. Monahan, Mrs. Goetz, Mr. Caimano, Mr.
Brandt
NOES : None
ABSENT: None