327.2009
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
IN CONNECTION WITH DEDICATION OF WESTERN RESERVE TRAIL
IN WESTERN RESERVE SUBDIVISION
RESOLUTION NO.: 327, 2009
INTRODUCED BY: Mr. Ronald Montesi
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Anthony Metivier
WHEREAS, by Resolution No.: 375,2005 the Queensbury Town Board authorized the
dedication of Western Reserve Trail in the Western Reserve Subdivision, such acceptance conditioned
on the Town’s receipt of $17,000 cash escrow from Western Reserve, LLC (Developers), and
WHEREAS, the Developers provided the Town with the required $17,000 and entered into an
Escrow Agreement with the Town, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the $17,000 in an
interest bearing account, and
WHEREAS, the Town’s Highway Superintendent has advised the Town Board that the
Developers have completed, to the Highway Superintendent’s satisfaction, the top coat of the roads
and has requested that the monies held by the Town be released, and
WHEREAS, the Town Board wishes to therefore authorize the refund of funds currently held
in escrow to the Developers as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Western Reserve, LLC in connection with the dedication of Western Reserve Trail in the Western
Reserve Subdivision, which sum shall be the amount of $17,000 plus any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Budget Officer to
take such other and further action necessary to effectuate the terms of this Resolution.
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Duly adopted this 19 day of October, 2009, by the following vote:
AYES : Mr. Stec, Mr. Metivier, Mr. Montesi, Mr. Strough, Mr. Brewer
NOES : None
ABSENT: None