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374.2001 RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS IN CONNECTION WITH MC ECHRON LANE IN EMERALD GROVE SUBDIVISION RESOLUTION NO.: 374, 2001 INTRODUCED BY: Mr. Tim Brewer WHO MOVED FOR ITS ADOPTION SECONDED BY: Mr. Theodore Turner WHEREAS, by Resolution No.: 80.2001 the Queensbury Town Board accepted and approved the deed for dedication of McEchron Lane in Phase I of the Emerald Grove Subdivision, and WHEREAS, at that time Michael J. Vasiliou, Inc. (Developer) agreed to furnish the Town with a cash escrow in the amount of Twelve Thousand Dollars ($12,000) to ensure completion of the top coat of the road, and WHEREAS, Developer provided the Town with the required $12,000 and entered into an Escrow Agreement with the Town dated May 21, 2001, and WHEREAS, as required by the Escrow Agreement the Town deposited the $12,000 in an interest bearing account, and WHEREAS, by Resolution No.: 357,2001, the Town Board authorized acceptance of a reconfigured McEchron Lane in Phase 1 and Phase 2 of the Subdivision, and WHEREAS, by Memorandum dated September 7, 2001, the Town’s Highway Superintendent advised the Town Board that the Developer had completed to the Highway Superintendent’s satisfaction the top coat of the reconfigured McEchron Lane, 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 Michael J. Vasiliou, Inc., which sum shall be the amount of $12,000 plus any earned interest, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s Office to take such other and further action necessary to effectuate the terms of this Resolution. st Duly adopted this 1 day of October, 2001, by the following vote: AYES : Mr. Brower, Mr. Turner, Mr. Stec, Mr. Brewer NOES : None ABSENT: Mr. Martin