Resolution 2025-086 – A Resolution Approving the Escrow and Partial Release Agreement for Tiffin Heights West

Prepared by: Michael J. Pugh 425 E. Oakdale Blvd., Ste. 201 Phone (319) 351-2028 Pugh Hagan Prahm, PLC Coralville, IA 52241 FAX (319) 351-1102 ESCROW AND PARTIAL RELEASE AGREEMENT CONCERNING HALFMOON AVENUE NW TIFFIN HEIGHTS WEST TIFFIN, IOWA This Escrow and Partial Release Agreement is made between the City of Tiffin, Iowa, a municipal corporation (“the City”), and GHS Development, Inc., (“Developer”) as Owner and/or Subdivider of Tiffin Heights West, Tiffin, Iowa. IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE PARTIES AGREE AS FOLLOWS: 1. That by reason of the Developer’s Agreement for Tiffin Heights West, Tiffin, Iowa, by and between the City and Developer, dated July 24, 2024, and recorded in the Johnson County Recorder's Office on September 9, 2024 in Book 6593, Pages 825 (“Developer’s Agreement”), Developer is obligated to pave Halfmoon Avenue NW to the northerly terminus of Coquina Avenue as a benefit to the subdivision as more particularly set forth in Section 3(C)(10) of the Developer’s Agreement (the “Halfmoon Avenue NW Paving”). The parties further acknowledge that this obligation is deemed a covenant running with the land and with title to the land. 2. That Developer has obtained a bid from Streb Construction Co., Inc., to complete the Halfmoon Avenue NW Paving, in the amount of $67,950.00 (“Bid Amount”), a copy of which has been provided to the City. 3. The Parties acknowledge that, since the Halfmoon Avenue NW Paving is not yet complete, a final release regarding the same by the City is not yet appropriate. For this reason, the Developer’s Agreement constitutes a lien and cloud on the property described above. 4. That GHS Development, Inc. has made an $81,540.00 cash payment in escrow with the City for said subdivision (“Paving Escrow”), and said Paving Escrow is 120% of the Bid {00634794}