472.94
RESOLUTION APPROVING CONTINUATION OF PAYMENT
IN LIEU OF REAL PROPERTY TAX PROPOSAL FOR AMG INDUSTRIES
RESOLUTION NO. 472, 94
INTRODUCED BY: Mr. Nick Caimano
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Fred Champagne
WHEREAS, the Town Board of the Town of Queensbury, by
Resolution No. 315, of 1993, approved a proposal of payments in
lieu of real property taxes with respect to GMA Holdings/AMG
Industries in accordance with schedules attached to and made a part
of that Resolution, and
WHEREAS, the Town Board of the Town of Queensbury has been
advised that GMA Holdings/AMG Industries has submitted an
application for additional industrial development revenue financing
to the Counties of Warren/Washington Industrial Development Agency
for the purpose of financing cost overruns and additional amounts
spent for the construction and equipping of a manufacturing
facility to house the manufacturing operations of AMG Industries,
Inc., the project for which the original Pilot Agreement was
originally approved, and
WHEREAS, Warren/Washington County Industrial Development
Agency has asked the Town of Queensbury to review the Pilot
Agreement and advise the agency whether it agrees that the same
should continue in light of the additional requested financing, and
WHEREAS, the Town Board of the Town of Queensbury has received
a letter from the School District indicating that they neither
support or oppose the GMA extension,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury, after
carefully considering the facts and circumstances giving rise to
the original payment in lieu of tax agreement for AMG Industries,
and, after considering the nature of the additional financing
requested, i.e., the same being for cost overruns and additional
improvements made as a part of the original project, the Town Board
of the Town of Queensbury hereby agrees that the original Pilot
Agreement is satisfactory and should continue in the event that the
agency approves further and additional bonds for the limited
purposes of the cost overruns and additional improvements
hereinbefore referred to, and
BE IT FURTHER
RESOLVED, that the Town Supervisor is hereby authorized to
execute any agreements or transmit any letters that may be
necessary to provide notice and/or implement the terms and
provisions of this Resolution.
Duly adopted this 19th day of September, 1994, by the
following vote:
AYES: Mr. Caimano, Mrs. Pulver, Mrs. Monahan, Dr. Wiswall,
Mr. Champagne
NOES: None
ABSENT: None
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