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CITY OF TIFFIN RESOLUTION NO. 2003fS
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A RESOLUTION APPROVING AND AUTHORIZING AN ESCROW
AGREEMENT, AS ATTACHED HERETO, WITH THE DEVELOPER
OF SONGBIRD ESTATES PART 2 REGARDING) FUTURE COSTS
OF REPAIR TO INFRASTRUCTURE IMPROVEMENTS
WHEREAS, the City of Tiffin has previously entered into an
Irrevocable Standby Letter of Credit recorded in Book 3216,
Page" 479 with the developer of Songbird .Estates Part 2, for
funds t6 provide for the costs of any possible future
repairs of the infrastructure in Song Bird Part 2, Tiffin,
Johnson County, Iowa; and
WHEREAS, the Irrevocable Letter is set to expire as, of
January 12, 2004, and
WHEREAS, the City and the Developer have agreed that
certain repairs or improvements need to be made the covered
infrastructure as shown in the letter attached hereto dated
December 4, 2003 from City Engineer Michael Hart to
Developer Tom Lawrence; and
WHEREAS, Lawrence and C&L Development, L.L.C., are willing
to provide a check to be placed into Escrow by the City"to
cover the cost of the repairs noted in the December 4, 2003
letter from Hart"and not require the City to draw upon the
r Irrevocable Letter of Credit; and
WHEREAS, since the City will possess the requisite security
for the needed repairs", the City will allow the Irrevocable
Letter to expire without making a claim upon it so =long as -
the City receives the escrow check in the amount of
$11,200.00 on behalf of C&L- Development, L.L.C. by no later
than December 17, 2003, and no further deficiencies in the
infrastructure are identified by the expiration date of,the
Irrevocable Letter -that are not otherwise secured; and
WHEREAS, C&L owes the City for certain amounts due by the
Developer for engineering inspection services provided to
the City and other itemized damage costs, and also for
street signs and their installation. The sum of those
costs shall be paid by deducting it from the Escrow,,Fund or
by check payment from the Developer.
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CADocuments and Settings\Administrator\Local SettingsUemporary Internet Files\OLK2\reso re escrow lieu of Itr crdt re
infrastruc.doc
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From: To: Marti REIHMAN Date: 6/25/2004 Time: 11:01:24 AM Page 3 of 5
WHEREAS, the Mayor and Clerk=are hereby author'ized.to enter
into and execute such documents and ancillary agreements as
may be necessary to effectuate this Resolution.
NOW,, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
TIFFIN IOWA, that the City hereby accepts the agreement
between the City and C&L Development, L.L.C. as set forth
in the letter of December 4, 2003 from City Engineer
Michael Hart and hereby authorizes the Mayor and Clerk to
execute such documents and ancillary agreements as may be
necessary to consummate and complete the terms of the
Agreement set forth herein.
ON THE 10th day of December, 2003, at a regular meeting of
the Tiffin City Council, Tiffin, Iowa, Councilperson Dils
introduced A RESOLUTION APPROVING AND AUTHORIZING
THE AN ESCROW AGREEMENT, AS ATTACHED HERETO, WITH
THE DEVELOPER OF SONGBIRD ESTATES PART 2 REGARDING
FUTURE COSTS OF REPAIRS TO INFRASTRUCTURE
IMPROVEMENTS, and made a motion for approval. The motion
was seconded by Councilperson Gericke.
Ayes Gericke, Bartels, Dils
Nays: Wpe
—T,
Motion carried.
WHEREUPON, the Mayor declared that the RESOLUTION
APPROVING AND AUTHORIZING THE AN ESCROW AGREEMENT,
AS ATTACHED HERETO, WITH THE DEVELOPER OF SONGBIRD
ESTATES PART 2 REGARDING FUTURE COSTS OF REPAIR TO
INFRASTRUCTURE IMPROVEMENTS, be adopted and signified
his approval of the same by affixing his signature thereto.
aPASSED, by the Council on the 10th ,day of December 2003,
and approved by the Mayor on the 10th day of December 2003.
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MAYOR:
Gienn R. Potter
ATTEST:
Marga e . Reih n, ity Clerk