I-5 - Resolution 2025-068 - Approving Partial Release of Escrow for Tiffin West

RESOLUTION NO. 2025-068 A RESOLUTION FOR THE PARTIAL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS Whereas, The City approved the Final Plat of Tiffin West – Phase 1, on February 4, 2025; and, Whereas, with the approval of the final plat, an escrow agreement with Honey Lane Development was also approved in the amount of $473,281.60, for certain on-site and off-site improvements; and, Whereas, a walk-through of Phase 1, has been performed that substantially completed the stated improvements in the escrow agreement. Now, therefore be it resolved by the City Council of the City of Tiffin, Iowa, based on the recommendation of the City Engineer and City Staff, to partially release $397,508.10 to Honey Lane Development from the original escrowed amount of $473,281.60. On the 17th day of June, 2025, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson _____ introduced RESOLUTION NO. 2025-068, A RESOLUTION FOR THE PARTIAL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS and made a motion for approval. Motion seconded by Councilperson _____. Ayes: Nays: Absent: Whereupon _____ Council members were present and voted approval and Mayor Kasparek declared that the RESOLUTION NO. 2025-068, A RESOLUTION FOR THE PARTIAL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS to be adopted and signified his approval of the same by affixing his signature thereto. Passed by the City Council on the 17th day of June, 2025. City of Tiffin ____________________________ Tim Kasparek, Mayor ATTEST: ________________________________ Abigail Hora, City Clerk