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4.26 4.26 ROAD DFDICATIONTscrow Funds-Release to Tra-Tom—Cross Court and Richmond Hill Drive in Barringer Heights—12-17-18 RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS HELD FOR DRAINAGE COSTS TO TRA-TOM DEVELOPMENT, INC., IN CONNECTION WITH DEDICATION OF CROSS COURT AND RICHMOND HILL DRIVE IN BARRINGER HEIGHTS SUBDIVISION RESOLUTION NO.: 12018 INTRODUCED BY: WHO MOVED FOR ITS ADOPTION SECONDED BY: WHEREAS, by Resolution No.: 364,2008 the Queensbury Town Board authorized the dedication of Cross Court and Richmond Hill Drive(Roads)in the Barringer Heights Subdivision, and WHEREAS, at the time of dedication, the Developer, Tra-Tom Development, Inc., provided the Town with $125,000 cash escrow to ensure placement of the top coat on the roads by July 28t'', 2010 consistent with the Town Highway Superintendent's requirements along with an additional $25,000 cash escrow for the Town to hold for five(5)years so that the Highway Superintendent could use such funds toward drainage costs that may arise in the development, such sums to be held in escrow in accordance with the terms of an Escrow Agreement, and WHEREAS, as required by the Escrow Agreement, the Town deposited the funds in an interest bearing account, and WHEREAS, the Highway Superintendent has advised the Town Board that no drainage costs have arisen in the development and therefore has recommended that the $25,000 held by the Town toward drainage costs may be released in accordance with the Escrow Agreement, and WHEREAS, the Town Board wishes to therefore authorize the refund of such funds held toward drainage costs to Tra-Tom Development, Inc. as required by the Escrow Agreement, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds that have been held in escrow toward drainage costs to Tra-Tom Development, Inc., in connection with the dedication of Cross Court and Richmond Hill Drive (Roads) in the Barringer Heights Subdivision 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 Supervisor, Town Highway Superintendent and/or Town Budget Officer to take such other and further action necessary to effectuate the terms of this Resolution. Duly adopted this 17ffi day of December, 2018,by the following vote: AYES NOES ABSENT: GC RESOLUTION ACCEPTING DEDICATION OF CROSS COURT AND RICHMOND HILL DRIVE IN BARRINGER HEIGHTS SUBDIVISION RESOLUTION NO. 364,2008 INTRODUCED BY: Mr.Ronald Montesi WHO MOVED ITS ADOPTION SECONDED BY: Mr.Anthony Metivier WHEREAS, Tra-Tom Development,Inc., has offered a deed to the Town of Queensbury to dedicate Cross Court and Richmond Hill Drive in the Barringer Heights Subdivision to the Town of Queensbury as more particularly described in a survey map prepared by VanDusen & Steves Land Surveyors,LLC dated November 14",2007, and WHEREAS, the Town Highway Superintendent has inspected the road and recommended its acceptance contingent upon the developer completing the top coat of the black-top within two years of the date of acceptance or by July 28th,2010, and if applicable, all drainage easements being in place, and WHEREAS, Tra-Tom Development, Inc., has provided the Town with a $125,000 cash escrow to ensure placement of the top coat on the roads by July 28th,2010 consistent with the Town Highway Superintendent's requirements, along with an additional $25,000 cash escrow for the Town to hold for five (5) years so that the Town Highway Superintendent may use such funds toward drainage costs that may arise in the development,and WHEREAS, the Town Water Superintendent has confirmed that installation of water mains and appurtenances has been made in accordance with Town Water Department standards, and WHEREAS, the Town Zoning Administrator/Code Compliance Officer and Director of Building and Codes Enforcement have confirmed that they have inspected Richmond Hill Drive and it was found to be in compliance with the requirements of their offices except that the permanent survey monuments have not yet been installed, NOW,THEREFORE,BE IT RESOLVED, that the Queensbury Town Board hereby accepts and approves the dedication of Cross Court and Richmond Hill Drive in the Barringer Heights Subdivision, contingent upon: 1. The Town's receipt of deeds, related forms and signed Escrow Agreement in form acceptable to Town Counsel; 2. The Developer providing title insurance insuring the Town satisfactory to Town Counsel, 3. Confirmation by the Town Wastewater Director that there are no sewer department requirements for this development; 4. The Town's receipt of a subdivision map showing the roads and drainage easement (including metes and bounds); 5. Receipt by the Town Budget Officer of the required escrow amounts in the form of a bank check; 6. Installation of the permanent survey monuments; and BE IT FURTHER, RESOLVED, that the Town Board authorizes and directs the Town Supervisor to execute, sign and affix the Town seal to any and all documents necessary to complete the transaction including an Escrow Agreement in form acceptable to Town Counsel and the Town Budget Officer, and BE IT FURTHER, RESOLVED, that, ONLY AFTER WRITTEN CONFIRMATION BY TOWN COUNSEL THAT THE FIRST FIVE (5) CONTINGENCIES SET FORTH ABOVE HAVE BEEN SATISFACTORILY MET, the Town Board further authorizes and directs Tra-Tom 2 Development, Inc., to record the deed in the Warren County Clerk's Office, after which time the deed shall be properly filed and maintained in the Queensbury Town Clerk's Office and only then shall building permits be issued,and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Clerk to add the roads to the official inventory of Town Highways as follows: Name: Cross Court Road Number: 803 Description: Beginning at West Berry Way and continuing in a westerly direction a distance of 51 P and.10-4-hundredths of a mile and ending at Richmond Hill Drive. Feet: 511' and.1 Of of a mile Name: Richmond Hill Drive Road Number: 804 Description: Berg at Sherman Avenue and continuing in a southerly direction a distance of 3358' and.64±hundredths of a mile and ending at a cul-de-sac. Feet: 3358' and.64±of a mile Duly adopted this 28`h day of July,2008,by the following vote: AYES : Mr. Metivier,Mr.Montesi,Mr. Strough,Mr.Brewer,Mr. Stec NOES: None ABSENT:None 3 ESCROW AGREEMENT—Tra Tom Development—Barringer Heights—July 2008 ESCROW AGREEMENT AGREEMENT made as of the 28th day of July, 2008, between the TOWN OF QUEENSBURY, County of Warren, State of New York(hereinafter referred to as the "TOWN,") a municipal corporation having its principal place of business at 742 Bay Road, Queensbury,New York 12804 and TRA-TOM DEVELOPMENT, INC., Federal ID#: 14-1725430, a corporation formed under the laws of the State of New York and having its principal place of business at 804 Route 9, Gansevoort,New York 12831 (hereinafter referred to as the "DEVELOPER"). WI TNES,SE TH.• WHEREAS,by Town Board Resolution No.: 364,2008 (attached hereto as Exhibit A),the Town authorized dedication of Cross Court and Richmond Hill Drive ("roads") in the Barringer Heights Subdivision to the Town of Queensbury contingent upon the DEVELOPER providing the Town with cash escrow in the amount of$125,000 to ensure completion of the top coat of the roads within the next two (2)years along with an additional$25,000 cash escrow for the Town to hold for five (5)years so that the Town Highway Superintendent may use such funds toward drainage costs that may arise in the Barringer Heights Subdivision,and WHEREAS, the TOWN and DEVELOPER wish to enter into an Escrow Agreement to provide for the total$150,000 in escrow funds in two (2)separate accounts,and WHEREAS, the DEVELOPER agrees to pay for the top coat work in the manner set forth in this Agreement, 1 NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS HEREIN CONTAINED, AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE PARTIES AGREE AS FOLLOWS. 1. DEVELOPER agrees to reimburse the TOWN for the cost of the top coat of the roads in the amount of$125,000 if DEVELOPER does not complete such top coat within the next two(2)years or by July 28 h, 2010,without further approval of the TOWN BOARD and DEVELOPER. 2. DEVELOPER agrees to reimburse the TOWN for the cost of the drainage costs arising in the Barringer Heights Subdivision within the next five(5)years or by July 28",2013. A. For the purpose of such reimbursement relating to the topcoat of the roads, DEVELOPER shall deliver an initial amount of $125,000 to the Town Budget Officer as Escrow Agent to be held in escrow in a separate interest-bearing account ("Road Escrow Account") opened in the name of the DEVELOPER with the Town of Queensbury having sole signatory authority on the account. B. For the purpose of such reimbursement relating to flooding and drainage costs relating to the Barringer Heights Subdivision, DEVELOPER shall deliver an initial amount of $25,000 to the Town Budget Officer as Escrow Agent to be held in escrow in a separate interest-bearing account ("Drainage Escrow Account") opened in the name of the TOWN with the Town of Queensbury having sole signatory authority on the account. C. The Escrow Agent shall establish the interest bearing accounts as described above and deposit the funds in the accounts. 3. The Escrow Agent shall release monies in the escrow accounts in accordance with the following procedure: 2 A. DEVELOPER Timely Completes Top Coat and Drainage Work. Upon receipt of written confirmation from the Town Highway Superintendent that DEVELOPER has completed to the Highway Superintendent's satisfaction the top coat of the roads and drainage work within the required time period(s),the Escrow Agent shall pay all amounts in the Road Escrow Account to DEVELOPER. In such case, this Agreement shall be deemed terminated. B. DEVELOPER Does Not Timely Complete Top Coat. Upon receipt of written confirmation from the Town Highway Superintendent that DEVELOPER has not completed to the Town Highway Superintendent's satisfaction the top coat of the roads or that such work has not been completed to the Town Highway Superintendent's satisfaction by July 28 h, 2010 for the top coat of the roads, the Escrow Agent shall immediately deliver to the TOWN the entire amount in such Road Escrow Account. DEVELOPER acknowledges and agrees that, should it fail to complete such work to the satisfaction of the Town Highway Superintendent by the date indicated, the TOWN may use such funds (including interest) as the Town Highway Superintendent shall determine necessary to complete such work and may undertake to complete such work either by contract or Town Law or force account, at such time as the Town shall deem appropriate. DEVELOPER further agrees that it shall be liable and obligated for any costs for such work incurred by the TOWN that should exceed the amount on deposit. If such costs are less than the deposited amount, the TOWN shall return the balance of the Road Escrow Account to DEVELOPER. C. TOWN HIGHWAY SUPERINTENDENT Determines Flooding and/or Drainage Issue in Barringer Heights Development. If the Town Highway Superintendent determines, in his absolute discretion, that there are flooding and/or drainage issues in the Barringer Heights Subdivision, he may notify Escrow Agent in writing that such issues exist, in his opinion. Such written document shall include his estimation of the cost of addressing such issues at such time. Upon 3 receipt of such written document, Escrow Agent shall immediately deliver such amount to the Town Highway Superintendent and Escrow Agent shall retain all remaining funds hereunder. If the estimated cost exceeds the amount held by Escrow Agent, Escrow Agent shall deliver all amounts in such Drainage Escrow Account to the Town Highway Superintendent. If there are any funds remaining in the Drainage Escrow Account on July 28ffi, 2013, the TOWN shall return the balance of the Drainage Escrow Account to DEVELOPER. 4. The terms and conditions set forth in paragraph 3 set forth all duties and responsibilities of the Escrow Agent in connection with the release of funds from the Escrow Account and in the event that the Escrow Agent complies with the terms of paragraph 3,the Escrow Agent's duties and responsibilities under this Agreement shall be deemed complete. 5. Any funds together with interest remaining in either escrow account upon termination of this Agreement shall be returned within thirty(30)days of such termination by the Escrow Agent to the DEVELOPER. 6. The terms of this Agreement shall not create any right in any person, firm, corporation, or entity other than the parties of this Agreement and their respective successors and permitted assigns and no third party shall have the right to enforce or benefit from these terms. 7. It is agreed by the parties to this Agreement that no representations are made by the TOWN that completion of the top coat will be equal to or cost less than $125,000, or completion of any potential drainage work will be equal to or cost less than$25,000. In the event that the cost of the top coat is over$125,000 and/or the cost of all drainage work is over$25,000,or the top coat work is unacceptable to the TOWN, the TOWN and Escrow Agent shall bear no responsibility or liability. 8. This Agreement contains the full understandings of the parties. If any clause or paragraph in this Agreement is declared illegal or unenforceable by a Court of Law then the remainder of the 4 Agreement shall be read as if such illegal or unenforceable clause or paragraph has been omitted. TOWN OF QUEENSBURY TRA-TOM DEVELOPMENT,INC. BY: BY: y' DANIEL G. STEC THOMAS J. F ONE,JR. SUPERVISOR PRESIEDENrf STATE OF NEW YORK) ss.. COUNTY OF WARREN) On this 29'h day of July, in the year 2008 before me,the undersigned,a notary public in and for said state,personally appeared DANIEL G. STEC,personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. Notary Public STATE OF NEW YORK) JOANNE M.WATKINS ss.: Notary Public, State of New York Warren Co.##o1WA4960332 COUNTY OF WARREN) Commission Expires Dec.26,20 S 1 On this �'"day of J , in the year 2008 before me, the undersigned, a notary public in and for said state,personally eared THOMAS J.FARONE,JR.,personally known to P P Y PP me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual or the person upon behalf of which the individual acted,executed the instrument. "W—A", aca� cv_ N ry Public KELLY S. CHADWICK 5 Notary Public, State of New York Saratoga County, #01CH5053440 Commission Expires Dec. EXHIBIT A RESOLUTION ACCEPTING DEDICATION OF CROSS COURT AND RICHMOND HILL DRIVE IN BARRINGER HEIGHTS SUBDIVISION RESOLUTION NO. 364,2008 INTRODUCED BY: Mr.Ronald Montesi WHO MOVED ITS ADOPTION SECONDED BY: Mr.Anthony Metivier WHEREAS, Tra-Tom Development, Inc., has offered a deed to the Town of Queensbury to dedicate Cross Court and Richmond Hill Drive in the Barringer Heights Subdivision to the Town of Queensbury as more particularly described in a survey map prepared by VanDusen& Steves Land Surveyors,LLC dated November 14"',2007,and WHEREAS,the Town Highway Superintendent has inspected the road and recommended its acceptance contingent upon the developer completing the top coat of the black-top within two years of the date of acceptance or by July 2e,2010, and if applicable,all drainage easements being in place, and WHEREAS, Tra-Tom Development, Inc., has provided the Town with a $125,000 cash escrow to ensure placement of the top coat on the roads by July 28 h,2010 consistent with the Town Highway Superintendent's requirements, along with an additional $25,000 cash escrow for the Town to hold for five (5) years so that the Town Highway Superintendent may use such funds toward drainage costs that may arise in the development,and WHEREAS,the Town Water Superintendent has confirmed that installation of water mains and appurtenances has been made in accordance with Town Water Department standards,and WHEREAS, the Town Zoning Administrator/Code Compliance Officer and Director of Building and Codes Enforcement have confirmed that they have inspected Richmond Hill Drive and it was found to be in compliance with the requirements of their offices except that the permanent survey monuments have not yet been installed, NOW,THEREFORE,BE IT RESOLVED,that the Queensbury Town Board hereby accepts and approves the dedication of Cross Court and Richmond Hill Drive in the Barringer Heights Subdivision,contingent upon: 1. The Town's receipt of deeds, related forms and signed Escrow Agreement in form 6 acceptable to Town Counsel; 2. The Developer providing title insurance insuring the Town satisfactory to Town Counsel, 3. Confirmation by the Town Wastewater Director that there are no sewer department requirements for this development; 4. The Town's receipt of a subdivision map showing the roads and drainage easement (including metes and bounds); 5. Receipt by the Town Budget Officer of the required escrow amounts in the form of a bank check; 6. Installation of the permanent survey monuments; and BE IT FURTHER, RESOLVED, that the Town Board authorizes and directs the Town Supervisor to execute, sign and affix the Town seal to any and all documents necessary to complete the transaction including an Escrow Agreement in form acceptable to Town Counsel and the Town Budget Officer, and BE IT FURTHER, RESOLVED, that, ONLY AFTER WRITTEN CONFIRMATION BY TOWN COUNSEL THAT THE FIRST FIVE (5) CONTINGENCIES SET FORTH ABOVE HAVE BEEN SATISFACTORILY MET, the Town Board further authorizes and directs Tra-Tom Development, Inc., to record the deed in the Warren County Clerk's Office, after which time the deed shall be properly filed and maintained in the Queensbury Town Clerk's Office and only then shall building permits be issued,and BE IT FURTHER, RESOLVED,that the Town Board further authorizes and directs the Town Clerk to add the roads to the official inventory of Town Highways as follows: Name: Cross Court Road Number:803 Description: Beginning at West Berry Way and continuing in a westerly direction a distance of 511' and .10f hundredths of a mile and ending at Richmond Hill Drive. Feet: 51 P and .10±of a mile 7 Name: Richmond Hill Drive Road Number: 804 Description: Beginning at Sherman Avenue and continuing in a southerly direction a distance of 3358' and.64=L hundredths of a mile and ending at a cul-de-sac. Feet: 3358' and .64±of a mile Duly adopted this 28 h day of July,2008,by the following vote: AYES : Mr. Metivier,Mr.Montesi,Mr. Strough,Mr. Brewer,Mr. Stec NOES: None ABSENT:None 8