I-2 - Resolution 2025-014 - Approving Escrow Agreement - Tiffin West Phase 1

ESCROW AGREEMENT TIFFIN WEST PHASE 1 THIS ESCROW AGREEMENT is made this ____ day of February, 2025, by and between the City of Tiffin, Iowa ("City") and Honey Lane Development, LLC ("Developer"). RECITALS A. The Developer and the City originally entered into a Developer’s Agreement for Tiffin West Phase 1, located in part on the real estate described in Exhibit “A”, which is the real estate to be platted as Tiffin West Phase 1 ("Property"). B. Pursuant to Section 3 through Section 5 of the Developer’s Agreement, the Developer was required to complete certain on-site and off-site improvements at Developer’s sole cost and expense, and subject to the City’s prior approval thereof. The parties further acknowledge that the obligation to install public improvements is deemed a covenant running with the land and with title to the land. C. Pursuant to Section 3 of the Developer’s Agreement, certain offsite improvements are to be completed prior to final plat approval; furthermore, all streets shown on the plat are to be constructed pursuant to approved construction plans, necessary utility facilities are to be installed, public utilities are to be continued into the Property, a grading and erosion control plan is to be implemented, and sidewalks in the Property abutting all lots are to be installed within five (5) years of the final subdivision plat’s recordation. The western portions of Village Drive, and adjacent sidewalks, and certain utility facilities have yet to be constructed (each, an “Escrow Item” and collectively, the “Escrow Items”). D. The City has required Developer to deposit the sum of Four Hundred Seventy-Three Thousand, Two Hundred Eighty-One and 60/100 Dollars ($473,281.60) ("Escrow Amount") with the City in escrow pending Developer’s obligation to complete the Escrow Items. E. In consideration of the City’s release of its lien on the Property, Developer and City agree that the lien on the Property shall be transferred to and shall immediately attach to the escrow