525.94
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
RESOLUTION NO.: 525, 94
INTRODUCED BY: MR. NICK CAIMANO
WHO MOVED FOR ITS ADOPTION
SECONDED BY: MRS. CAROL PULVER
WHEREAS, the Town Board of the Town of Queensbury, by
resolution no. 474, 94 indicated its acceptance of the sanitary
sewer system and components constructed by Queensbury Retail
Limited Partnership, and
WHEREAS, the Town Board of the Town of Queensbury, at the time
of acceptance, also authorized the release of certain escrow funds
previously retained by the Town as part of the agreement concerning
construction of the sanitary sewer system, with the exception of a
certain sum to be kept for a period of one year, a certain sum to
be retained as a service charge, and the sum of $20,000 to be kept
until such time as "as built" plans and the seeding restoration
work was completed upon the property, and
WHEREAS, the Town Board has been advised that the seeding and
restoration work referred to hereinabove has been completed, and
that the grass has already started to grow, and
WHEREAS, the Town Board has been advised that the "as built"
were received on September 23, 1994, and
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the return of the sum of $20,000 to Queensbury Retail
Limited Partnership, thereby resulting in the retention of $2,340
of the escrow fund for the one year deposit, and $585 as the .5%
service fee.
Duly adopted this 17th day of October, 1994, by the following
vote:
AYES: Mrs. Pulver, Mrs. Monahan, Dr. Wiswall, Mr. Caimano, Mr.
Champagne
NOES: None
ABSENT:None