Resolution No. 2026-022 – A Resolution Approving the Partial Release of the Escrow for 80/380 Commerce Park First Addition — I.3

RESOLUTION NO. 2026-022 A RESOLUTION APPROVING THE PARTIAL RELEASE OF THE ESCROW FOR 80/380 COMMERCE PARK FIRST ADDITION Whereas, The City approved the Final Plat of 80/380 Commerce Park First Addition on April 15, 2025; and, Whereas, with the approval of the final plat, an escrow agreement with 80/380 Commerce Park, LLC was also approved in the amount of $419,890.86, for certain on- site and off-site improvements; and, Whereas, a walk-through of subdivision 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 $370,736.86 to 80/380 Commerce Park, LLC from the original escrowed amount of $419,890.86. On the 7th day of April, 2026, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson _____ introduced RESOLUTION NO. 2026-022, A RESOLUTION APPROVING THE PARTIAL RELEASE OF THE ESCROW FOR 80/380 COMMERCE PARK FIRST ADDITION 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. 2026-022, A RESOLUTION APPROVING THE PARTIAL RELEASE OF THE ESCROW FOR 80/380 COMMERCE PARK FIRST ADDITION to be adopted and signified his approval of the same by affixing his signature thereto. Passed by the City Council on the 7th day of April, 2026. City of Tiffin ____________________________ Tim Kasparek, Mayor ATTEST: ________________________________ Abigail Hora, City Clerk