241.2010 Release fund Tra Tom
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO
TRA-TOM DEVELOPMENT, INC., IN CONNECTION WITH DEDICATION
OF WESTBERRY WAY AND WOODSHIRE COURT
IN PINE RIDGE ESTATES SUBDIVISION
RESOLUTION NO.: 241, 2010
INTRODUCED BY: Mr. John Strough
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, by Resolution No.: 546,2004 the Queensbury Town Board authorized the
dedication of Westberry Way and Woodshire Court Roads in the Pine Ridge Estates Subdivision and at
the time of dedication, Burnt Hills, LLC provided the Town with $8,750 to ensure completion of the
roads, such sum to be held in escrow pursuant to the terms of an Escrow Agreement, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the $8,750 in an
interest bearing account, and
WHEREAS, by Resolution No.: 240,2005, the Town Board authorized the assignment of the
Escrow Agreement between Burnt Hills, LLC and the Town to Tra-Tom Development, Inc., as Tra-
Tom Development, Inc., purchased the Pine Ridge Estates Subdivision from Burnt Hills, LLC and
reimbursed Burnt Hill, LLC for the $8,750 escrow deposit, and
WHEREAS, the Town’s Highway Superintendent has advised the Town Board that the
connector road between the Pine Ridge Estates Subdivision to the Schiavone Subdivision has been
completed to the Highway Superintendent’s satisfaction in accordance with the Escrow Agreement,
and therefore has requested that the monies held by the Town be released, and
WHEREAS, the Town Board wishes to therefore authorize the refund of funds currently held
in escrow to the Developers as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Tra-Tom Development, Inc., in connection with the dedication of Westberry Way and Woodshire
Court Roads in the Pine Ridge Estates Subdivision, which sum shall be the amount of $8,750 plus
any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Budget Officer to
take such other and further action necessary to effectuate the terms of this Resolution.
st
Duly adopted this 21 day of June, 2010, by the following vote:
AYES: Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier, Mr. Montesi
NOES: None
ABSENT: None