Late Handouts — I.5 - Escrow Agreement

AGENDA ITEM # I-5 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: October 31, 2025 AGENDA ITEM: Resolution 2025-086 – A Resolution Approving of an Escrow and Partial Release Agreement between the City of Tiffin and GHS Development, Inc. ACTION: Approval Purpose To consider approval of an Escrow and Partial Release Agreement between the City of Tiffin and GHS Development, Inc. related to the paving of Halfmoon Avenue NW in the Tiffin Heights West subdivision. Background Per the Developer’s Agreement dated July 24, 2024, GHS Development, Inc. is obligated to pave Halfmoon Avenue NW to the northern boundary of Coquina Avenue as a benefit to the subdivision. This obligation is a covenant running with the land and is currently a lien and cloud on the property title. To facilitate progress and protect the City’s interests, the Developer has submitted a bid from Streb Construction Co., Inc. for the paving work in the amount of $67,950.00. In accordance with City policy, the Developer has deposited $81,540.00 into escrow. Agreement Summary • The Escrow and Partial Release Agreement transfers the lien from the property to the escrow account. • The escrow funds will be retained by the City until the paving work is completed and certified by the City Engineer. • Upon completion, the City will issue a final release for recordation. • If the Developer fails to complete the paving, the City may draw on the escrow funds to fulfill the obligation. • This agreement does not release the Developer from dust control responsibilities or modify other terms of the original Developer’s Agreement. Recommendation Staff recommend approval of the Escrow and Partial Release Agreement to ensure the paving obligation is secured while allowing for partial release of the lien on the property. This approach protects the City’s interests and facilitates development progress. ATTACHMENTS: Resolution, Escrow & Partial Release Agreement, Quote from Streb Construction 1