518.2004
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
IN CONNECTION WITH FARR LANE IN PHASE III OF
INDIAN RIDGE SUBDIVISION
RESOLUTION NO.: 518, 2004
INTRODUCED BY: Mr. Roger Boor
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, by Resolution No.: 298.2003 the Queensbury Town Board accepted and
approved the deed for dedication of the remaining portion of Farr Lane in Phase III of the Indian Ridge
Subdivision, and
WHEREAS, at that time, Tra-Tom Development, Inc. (Developer) agreed to furnish the Town
with a cash escrow in the amount of Twenty Thousand Dollars ($20,000) to ensure completion of the
top coat of the road, and
WHEREAS, Developer provided the Town with the required $20,000 and entered into an
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Escrow Agreement with the Town dated June 23, 2003, and
WHEREAS, as required by the Escrow Agreement the Town deposited the $20,000 in an
interest bearing account, and
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WHEREAS, by Memorandum dated October 12, 2004, the Town’s Highway Superintendent
advised the Town Board that the Developer has completed to the Highway Superintendent’s
satisfaction the top coat of the road, and
WHEREAS, the Town Board wishes to authorize the refund of funds currently held in escrow
to the Developer as set forth in 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 the remaining portion of Farr
Lane in Phase III of the Indian Ridge Subdivision, which sum shall be the amount of $20,000 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.
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Duly adopted this 18 day of October, 2004, by the following vote:
AYES : Mr. Turner, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Boor
NOES : None
ABSENT: None