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421.2018 Authorizing Release of Escrow Funds - Patten Property - Ridgewood Court RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO PATTEN PROPERTY DEVELOPMENT, LLC IN CONNECTION WITH RIDGEWOOD COURT IN RIDGE ROAD SUBDIVISION RESOLUTION NO.: 421,2018 INTRODUCED BY: Mr.Anthony Metivier WHO MOVED FOR ITS ADOPTION SECONDED BY: Mrs. Catherine Atherden WHEREAS, by Resolution No.: 173, 2015, the Queensbury Town Board accepted from Robert Wall the dedication of Ridgewood Court in the Ridge Road Subdivision and at the time of dedication, Mr. Wall provided the Town with$12,444 cash escrow to ensure completion of the Road, such sum to be held in escrow in an interest bearing account in accordance with the terms of an Escrow Agreement, and WHEREAS, Patten Property Development, LLC purchased the Ridgewood Court Subdivision from Mr. Wall and accordingly Mr. Wall assigned his rights and obligations under the Escrow Agreement to Patten Property Development, LLC, which resulted in Patten Property Development, LLC being the Developer, and WHEREAS, by Resolution No.: 228, 2015, the Town Board authorized such assignment of the Escrow Agreement between Robert Wall and the Town of Queensbury to Patten Property Development, Inc., and WHEREAS, the Highway Superintendent has advised the Town Board that Ridgewood Court has been completed to his 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 Patten Property Development, LLC as required by the Escrow Agreement, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds to Patten Property Development, LLC in connection with the dedication of Ridgewood Court in the Ridge Road Subdivision which sum shall be the amount of$12,444 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 19ffi day of November, 2018,by the following vote: AYES Mr. Strough, Mr. Metivier, Mrs. Atherden, Mr. Ferone, Mrs. Switzer NOES None ABSENT: None