HomeMy Public PortalAboutAB 17-232 Timbercrest Downtown Escrow Instructions AmendmentMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 17-232
Meeting Date October 26, 2017
AGENDA ITEM INFORMATION
SUBJECT:
Request to Amend the Timbercrest Downtown Condominiums Escrow Account Instructions
Not a public hearing
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, 2021
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
At the request of City staff, Timbercrest Downtown Condominium Association, Inc. submitted a Second Amendment to Escrow Instructions for the Timbercrest Downtown Condominiums Escrow
Account which is being held by AmeriTitle. The Escrow Account Instructions require the owner (assigned to Timbercrest Downtown Condominiums Association, Inc.) to complete Second Street
and Lenora Street Improvements along the property frontage by October 31, 2017 in accordance with the McCall Downtown Master Plan. To better coincide the Timbercrest Downtown Street
Improvements with the City’s construction schedule for improvements downtown streets, including Second and Lenora Streets, this proposed amendment extends the timeline of the Escrow
Account Instructions to October 31, 2021. Attached find the proposed Second Amendment to Escrow Instructions. Also attached is the existing recorded Development Agreement, recorded
first Amendment to Escrow Instructions, and Assignment of Escrow Instructions. The City Attorney has reviewed all relevant documents.
RECOMMENDED ACTION:
Approve the Timbercrest Downtown Condominiums Second Amendment to Escrow Account Instructions and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
October 8, 2015
Approved extension of the Timbercrest Downtown Amended Escrow Account Instructions to October 31, 2017.
December 3, 2015
Approved Timbercrest Downtown Escrow Account Instructions Amendment assignment to the Timbercrest Downtown Condominium Association.