474.94
RESOLUTION ACCEPTING SANITARY SEWERS
RESOLUTION NO. 474, 94
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Fred Champagne
WHEREAS, the Director of the Wastewater Department has advised
that Queensbury Retail Limited Partnership, in accordance with an
Agreement reached with the Town of Queensbury, dated August 24,
1993, installed a sanitary sewer system, manholes and necessary or
desirable components and appurtenances thereof, and
WHEREAS, in accordance with said Agreement, Queensbury Retail
Limited Partnership agreed to grant and release to Municipality all
right, title and interest in and to said sanitary sewer system and
components and appurtenances thereof, and
WHEREAS, the Director of the Department of Wastewater has
indicated that the sewer system is now complete, with the exception
of the submission of final as-built plans and certain seeding and
restoration work and has recommended that a portion of monies held
in escrow be retained as assurance such work will be performed, and
WHEREAS, the aforesaid Agreement also provides for the amount
of 2%, or $1,000.00, whichever is greater, to be kept in the escrow
fund for a period of one year,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
indicates its acceptance of the grant and release of all right,
title and interest in said sanitary sewer system and components and
appurtenances thereof, with the understanding that the developer
has clear legal right and title to make such conveyance of title,
and
BE IT FURTHER
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes a release of the escrow funds previously retained by the
Town, to the extent that all escrow funds held in accordance with
the Agreement between the Town of Queensbury and Queensbury Retail
Limited Partnership are released, with the exception of 1) the sum
of 2%, or $1,000.00, whichever is greater, to be kept for a period
of one year, 2) the sum of $20,000.00, to be kept until such time
as as-built plans and the seeding and restoration work is completed
upon the property, and 3) the sum of one-half of one percent of the
interest earned on the escrow fund since the day of deposit as a
service charge.
Duly adopted this 19th day of September, l994, by the
following vote:
AYES: Mrs. Pulver, Mrs. Monahan Dr. Wiswall, Mr. Caimano,
Mr. Champagne
NOES: None
ABSENT: None