Resolution 2025-077 – A Resolution Approving the Full Release of the Escrow for the Tiffin West Improvements

AGENDA ITEM # I-2 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: October 3, 2025 AGENDA ITEM: Resolution 2025-077 – A Resolution Approving the Full Release of the Escrow for the Tiffin West Improvements ACTION: Approval Purpose To request Council approval of Resolution 2025-077, authorizing the full release of the remaining escrow funds for the Tiffin West – Phase 1 development. Background The City approved the Final Plat for Tiffin West – Phase 1 on February 4, 2025, along with an escrow agreement with Honey Lane Development in the amount of $473,281.60 to cover certain on-site and off-site improvements. On August 15, 2025, the City Council approved Resolution 2025-068, authorizing a partial release of escrow totaling $397,508.10, based on the recommendation of the City Engineer and City Staff. A final walk-through of the development has since been completed, and the remaining improvements outlined in the escrow agreement have been substantially completed. Recommendation Based on the recommendation of the City Engineer and City Staff, it is recommended that the City Council approve Resolution 2025-077, authorizing the full release of the remaining escrow amount of $75,773.50 to Honey Lane Development. ATTACHMENTS: Resolution 1