139.2021 Release Escrow Funds Cerrone Builders West Mtn Rd Subdivision
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS TO
CERRONE BUILDERS, INC., IN CONNECTION WITH DEDICATION OF
APRES CIRCLE IN CERRONE WEST MOUNTAIN ROAD SUBDIVISION
RESOLUTION NO.: 139, 2021
INTRODUCED BY: Mr. Timothy McNulty
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. George Ferone
WHEREAS, by Resolution No.: 161,2010 the Queensbury Town Board authorized the
dedication of Apres Circle in the Cerrone West Mountain Road Subdivision, and
WHEREAS, at the time of dedication, the Developer, Cerrone Builders, provided the Town
with $25,800 cash escrow to ensure placement of the top coat on the road consistent with the Town
Highway Superintendent’s requirements, such sum to be held in escrow in accordance with the terms
of an Escrow Agreement, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the funds in an
interest bearing account, and
WHEREAS, by Memorandum dated April 13, 2021, the Highway Superintendent has advised
that the road has met the specifications set by the Town Highway Department and therefore, has
recommended that the Town Board authorize the release of the $25,800 held by the Town in
accordance with the Escrow Agreement, and
WHEREAS, the Town Board wishes to therefore authorize the refund of such funds to
Cerrone Builders, Inc. as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that, consistent with the Escrow Agreement, the Queensbury Town Board
hereby authorizes and directs the Town Budget Officer as Escrow Agent to return the funds that have
been held in escrow to ensure placement of the top coat on Apres Circle in the West Mountain
Road Subdivision to Cerrone Builders, Inc., which sum shall be the amount of $25,800 plus any
earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Town
Highway Superintendent and/or 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 April, 2021, by the following vote:
AYES : Mr. Metivier, Mr. Ferone, Mr. McNulty, Mr. Strough
NOES : None
ABSENT:Mr. Freer