277.2003
RESOLUTION AUTHORIZING TERMINATION OF DEED RESTRICTION
CONCERNING PROPERTY OF RICHARD AND MONIQUE CUNNINGHAM
D/B/A P.C. REALTY II
RESOLUTION NO.: 277, 2003
INTRODUCED BY: Mr. Daniel Stec
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, by Resolution No.: 196 of 1986, the Queensbury Town Board determined that a
3.22 acre parcel of land on Quaker Road was surplus Town Property and accepted a bid from Richard and
Monique Cunningham, d/b/a P.C. Realty, II (Cunninghams) to purchase such property from the Town,
such property identified in a deed dated December 3, 1986 and recorded at the Warren County Clerk’s
Office at Book 687, Page 695, and
WHEREAS, the purchase and sale was contingent upon the timely development of the parcel so
that sales tax revenues would be generated to the benefit of the Town, and
WHEREAS, the deed included a restriction that the Cunninghams begin construction prior to
March 1, 1988 of at least a 6,000 square foot commercial structure and providing that the Cunninghams
could not sell or convey any interest in the property to any unrelated party without first offering the
property to the Town at the original purchase price, and
WHEREAS, the Cunninghams accepted and filed the Deed with this Deed restriction, and
WHEREAS, the Cunninghams did not comply with the terms of the deed restriction and develop
the property as required, and
WHEREAS, the Town commenced legal action in Supreme Court in an attempt to enforce the
Deed restriction, and
WHEREAS, the Cunninghams, through Counsel, have now offered the Town of Queensbury
twenty-thousand dollars ($20,000) in exchange for the Town terminating the deed restriction and the
Town’s rights in the property, and
WHEREAS, by eliminating the deed restriction, the Cunninghams will have clear record title
which they feel is vital to an impending business transaction that will not only serve their interests, but will
benefit the Town due to future increased real property and sales tax revenues, and
WHEREAS, the Town Board has carefully considered the Cunninghams’ offer, and
WHEREAS, the Town has no immediate need for the property, and
WHEREAS, the Town Board believes $20,000 represents fair compensation for elimination of the
deed restriction, and
WHEREAS, the Cunninghams are agreeable to closing on the exchange of funds for the
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elimination of the deed restriction on or before June 20, 2003, and
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby determines that the termination of the
deed restriction referenced in the preambles of this Resolution concerning the 3.22 acre parcel of land
owned by Richard and Monique Cunningham, d/b/a P.C. Realty, II will benefit the Town of Queensbury
and its residents both by generating revenue now and encouraging development of the property which will
generate increased real property and sales tax revenues and therefore the Town Board approves and
authorizes the termination of the deed restriction in exchange for twenty-thousand dollars ($20,000) from
Richard and Monique Cunningham, d/b/a P.C. Realty, II with the condition that the closing on the
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exchange of funds for the elimination of the deed restriction occur on or before June 20, 2003, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes the Town Comptroller to take any action needed
to deposit the twenty-thousand dollars ($20,000) in the appropriate account and amend the 2003 Town
Budget accordingly, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs Town Counsel to discontinue the
action pending in Supreme Court, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to execute
any documents, including an Agreement to extinguish the Deed Restriction, to provide for the termination
of the deed restriction and authorizes the Town Supervisor and/or Town Counsel to take such other and
further actions as may be necessary to effectuate the terms of this Resolution.
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Duly adopted this 2 day of June, 2003, by the following vote:
AYES : Mr. Boor, Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Brower
NOES : None
ABSENT: None