516.96
RESOLUTION AUTHORIZING SETTLEMENT BETWEEN EVERGREEN BANK, N.A.
AND THE TOWN OF QUEENSBURY CONCERNING THE
HILAND PARK PUD AND SEWER DISTRICT
RESOLUTION NO.: 516, 96
INTRODUCED BY: Mrs. Betty Monahan
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Fred Champagne
WHEREAS, the Town of Queensbury and Hiland Park Limited
Partnership previously reached agreements dated July 1, 1987 and
September 23, 1991 whereby the Town agreed to obtain additional
wastewater capacity from the Glens Falls Sewage Treatment Plant and
to increase the size of the Meadowbrook Pump Station in order to
provide Hiland Park with a maximum sewer capacity of 280,000
gallons per day and Hiland Park agreed to pay certain sums of money
to the Town, and
WHEREAS, the Town of Queensbury made certain improvements to
the Central Queensbury Quaker Road Sewer District to benefit the
Hiland Park Sewer District, upgraded and improved the Meadowbrook
Pumping Station, and incurred costs associated with the upgrade of
the sewer line between Meadowbrook and Cronin Roads, and
WHEREAS, on August 12, 1992, the Hiland Park Limited
Partnership declared bankruptcy pursuant to Chapter 11 of the
United States Bankruptcy Code, and
WHEREAS, by virtue of the mortgage foreclosure proceeding,
Evergreen Bank, N.A. became owner of the property known and
described as Hiland Park, and
WHEREAS, the Town of Queensbury, on the basis of the
agreements dated July 1, 1987 and September 23, 1991 contends that
it is owed certain sums for obtaining additional wastewater
capacity (280,000 gallons) from the Glens Falls Sewage Treatment
Plant, increasing the capacity of the Meadowbrook Pumping Station,
and making improvements in the Central Queensbury Quaker Road Sewer
District to accommodate the Hiland Park Sewer District, and
WHEREAS, Evergreen Bank, N.A., contends that it was not
obligated to the Town for Hiland's debts, and
WHEREAS, Evergreen Bank, N.A., has now sold the Hiland
property to Family Golf Centers, Inc., and
WHEREAS, the Town of Queensbury and Evergreen Bank, N.A., have
negotiated in an attempt to resolve all of the aforedescribed
claims and pending issues concerning the Hiland Park Sewer
District,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury, after
due consideration, determines that it is in the best interest of
the Town of Queensbury to resolve all of the aforedescribed claims
and pending issues concerning the Hiland Park Sewer District as
they relate to Evergreen Bank and hereby authorizes settlement of
the matter as follows:
1. Evergreen Bank shall pay the sum of $75,000 to the Town
for infrastructure construction already completed and in
full settlement of any outstanding claims the Town may
have against Evergreen Bank, N.A. concerning its
ownership of such property.
2. The Town will give Evergreen Bank a release of any and
all claims it may have against Evergreen Bank relating
to the Hiland Park Sewer District and infrastructure
construction and sewer capacity thereof.
3. Such settlement and release shall relate only to the
rights between the Town and Evergreen Bank and shall in
no way be deemed applicable to or binding on Family Golf
Centers, Inc. or the Town as to any of its rights
against Family Golf Centers, Inc. or any other party.
and
BE IT FURTHER,
RESOLVED, that the Town Supervisor is hereby authorized and
directed to execute and place the Town seal on any agreements,
affidavits, releases, stipulations, or other documents and papers
that may be necessary to effectuate the agreement between the Town
and Evergreen Bank, N.A., said documents to be in form approved by
Town Counsel.
Duly adopted this 16th day of December, 1996 by the following
vote:
AYES: Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mr.
Champagne
NOES: None
ABSENT:None