452.97
RESOLUTION HIRING JOSEPH FINN CO., INC.
TO AUCTION OFF AMG PROPERTY
RESOLUTION NO.: 452.97
INTRODUCED BY: Mrs. Connie Goedert
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town of Queensbury made a loan to AMG Industries,
Inc. ("AMG") pursuant to a Loan Agreement dated August 8, 1994 and
Promissory Note dated August 19, 1994, and
WHEREAS, the Town of Queensbury obtained security interests in
certain property of AMG as provided in a Security Agreement dated
August 19, 1994 and certain forms UCC-1 received from AMG, and
WHEREAS, AMG has defaulted in its obligations under such Loan
Agreement and Promissory Note and the Town is interested in selling
the property it has a security interest in (the "Property"), and
WHEREAS, Glens Falls National Bank & Trust Company is in a
similar position with other property of AMG and has arranged for an
auctioneer, Joseph Finn Co., Inc., to auction off the equipment of
AMG such Bank has a security interest in, and
WHEREAS, the Town of Queensbury has been offered the
opportunity to sell the Property as part of such auction, and
WHEREAS, the proposed Contract with Joseph Finn Co., Inc.
provides that the Town would pay them a 5% commission on the sale
of the property and that the auctioneer would in addition receive a
10% buyer's premium, and
WHEREAS, the Town of Queensbury has duly considered the matter
and is of the opinion that the Town is likely to maximize the
amount it will receive upon the sale of the Property based on the
auctioneer's experience and being able to sell the Property as part
of a much larger equipment auction,
NOW, THEREFORE, BE IT
RESOLVED, that the Town of Queensbury shall enter into a
contract with Joseph Finn Co., Inc. engaging them to use their
professional services to auction off the Property for the maximum
amount possible, and
BE IT FURTHER
RESOLVED, that the Town Supervisor is authorized to execute
the letter agreement with Joseph Finn Co., Inc. dated December 2,
1997 and to take such other action as may be necessary to
effectuate the terms of this Resolution.
Duly adopted this 15th day of December, 1997, by the following
vote:
AYES : Mrs. Goedert, Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mr.
Champagne
NOES : None
ABSENT: None