Resolutions-2003-45

X 6 CITY OF TIFFIN RESOLUTION NO. 2003fS 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 L 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 r letter from Hart" and not require the City to draw upon the 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. Page 2 of 3 CADocuments and Settings\ Administrator\ Local SettingsUemporary Internet Files\ OLK2\ reso re escrow lieu of Itr crdt re infrastruc. doc I r