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267.2019 Authorizing Release of Escrow Funds - Tra-Tom Development - Barringer Heights Subdivisiondoc00224120190514140430 RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO TRA-TOM DEVELOPMENT, INC., IN CONNECTION WITH DEDICATION OF CROSS COURT AND RICHMOND HILL DRIVE IN BARRINGER HEIGHTS SUBDIVISION RESOLUTION NO.: 267, 2019 INTRODUCED BY: Mr. Anthony Metivier WHO MOVED FOR ITS ADOPTION SECONDED BY: Mrs. Jennifer Switzer 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 consistent with the Town Highway Superintendent’s requirements along with an additional $25,000 cash escrow for the Town to hold 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, at the Town Highway Superintendent’s recommendation, by Resolution No.: 468,2018 the Town Board authorized the return of the $25,000 cash escrow plus any earned interest that had been held toward drainage costs to Tra-Tom Development, Inc., and WHEREAS, by Memorandum dated July 24, 2019, the Highway Superintendent has advised that the Roads have met the specifications set by the Town Highway Department and therefore, has recommended that the Town Board authorize the release of the $125,000 held by the Town in accordance with the Escrow Agreement, and WHEREAS, the Town Board wishes to therefore authorize the refund of such funds to Tra- Tom Development, Inc. as required by the Escrow Agreement, NOW, THEREFORE, BE IT RESOLVED, that, consistent with the Escrow Agreement, the Queensbury Town Board hereby authorizes the Town Budget Officer as Escrow Agent to return the funds that have been held in escrow to ensure placement of the top coat on Cross Court and Richmond Hill Drive (Roads) in the Barringer Heights Subdivision to Tra-Tom Development, Inc., which sum shall be the amount of $125,000 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. th Duly adopted this 5 day of August, 2019, by the following vote: AYES : Mrs. Atherden, Mrs. Switzer, Mr. Strough, Mr. Metivier NOES : None ABSENT: Mr. Ferone