HomeMy Public PortalAboutAB 15-225 Timbercrest Downtown Amended EscrowMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 15-225
Meeting Date December 3, 2015
AGENDA ITEM INFORMATION
SUBJECT:
SUB-04-18: Timbercrest Downtown
Amended Escrow Account Instructions
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Originator
Police Department
Public Works
Golf Course
COST IMPACT:
$77,606 (private)
Parks and Recreation
FUNDING SOURCE:
Escrow account
Airport
Library
TIMELINE:
October 31, 2017
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Timbercrest Downtown submitted an amended Escrow Instructions for the Timbercrest Downtown Escrow Account which is being held by AmeriTitle. The Escrow Account Instructions require the
owner, Dan Green, to complete the subject Second Street and Lenora Street Improvements by October 31, 2017 and he was prepared to complete the improvements. Dan Green now has a buyer
for all of the commercial units in the Timbercrest Downtown building. One of the contingencies is that the Development Agreement and Escrow Instructions be assigned to the Timbercrest
Association. The buyer and seller and the association have agreed upon the terms of the attached assignments. Also attached is the existing recorded Development Agreement and signed
Escrow Instructions and Amendment to Escrow Instructions. The City Attorney has reviewed all relevant documents.
RECOMMENDED ACTION:
Approve the Timbercrest Downtown Assignment and Assumption of the Development Agreement and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
October 8, 2015
Approved the extension for the Timbercrest Downtown Amended Escrow Account Instruction