460.96
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO THE
UPPER GLENS FALLS DEVELOPMENT CORP. FOR COSTS RELATING TO THE
CENTRAL QUEENSBURY QUAKER ROAD SEWER DISTRICT EXTENSION NO. 2
RESOLUTION NO.: 460, 96
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED FOR ITS ADOPTION
SECONDED BY:
Mrs. Betty Monahan
WHEREAS, the Town Board of the Town of Queensbury by
resolution no. 496, 94 approved the establishment of the Cronin
Road Extension No. 2 to the Central Queensbury Quaker Road Sewer
District Extension, and
WHEREAS, the Town Board of the Town of Queensbury by
resolution no. 588, 94 approved an Agreement between the Upper
Glens Falls Development Corporation and the Town of Queensbury
regarding said sewer district extension and said agreement required
the Developer to provide escrow funds to be held by the Town of
Queensbury in an amount not to exceed $12,375 to pay the cost of
the facilities and all of their engineering and other related
expenses, and
WHEREAS, the Upper Glens Falls Development Corporation has
requested that the $12,375 plus interest monies held in escrow be
returned as all of the required site improvements have been
completed, and
WHEREAS, Michael Shaw, Deputy Director of Wastewater, has
determined that the required improvements have been satisfactorily
completed and recommended the release of the escrow funds held by
the Town, plus interest earned on the funds, but minus various
fees,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the return of the sum of $11,027.50 to the Upper Glens
Falls Development which sum is the net result of the $12,375
deposit plus interest, but minus the administrative fee and buy-in
costs and one year deposit.
Duly adopted this 18th day of November, 1996, by the following
vote:
AYES: Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mr.
Champagne
NOES: None
ABSENT:None