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.
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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