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419.2001 RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS IN CONNECTION WITH KENWOOD CIRCLE AND LONGVIEW DRIVE IN THE GLEN AT HILAND MEADOWS SUBDIVISION RESOLUTION NO.: 419, 2001 INTRODUCED BY: Mr. Theodore Turner WHO MOVED FOR ITS ADOPTION SECONDED BY: Mr. Daniel Stec WHEREAS, by Resolution No.: 384,2001 the Queensbury Town Board accepted and approved the deed for dedication of Longview Drive and Kenwood Circle in The Glen at Hiland Meadows Subdivision, and WHEREAS, at that time AOW Associates, Inc., (Developer) agreed to furnish the Town with a cash escrow in the amount of Twenty-Five Thousand Dollars ($25,000) to ensure completion of the top coat of the roads, and WHEREAS, Developer provided the Town with the required $25,000 and entered into an th Escrow Agreement with the Town dated September 27, 2001, and WHEREAS, as required by the Escrow Agreement the Town deposited the $25,000 in an interest bearing account, and th WHEREAS, by Memorandum dated October 25, 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 roads, 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 AOW Associates, Inc., which sum shall be the amount of $25,000 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. th Duly adopted this 5 day of November, 2001, by the following vote: AYES : Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Turner NOES : None ABSENT: Mr. Martin