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

RESOLUTION NO. 2025-077 A RESOLUTION FOR THE FULL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS Whereas, The City approved the Final Plat of Tiffin West – Phase 1, on February 4, 2025; and, Whereas, Resolution 2025-068 approved a partial release of Escrow based on the recommendation of the City Engineer and City Staff, to partially release $397,508.10 to Honey Lane Development from the original escrowed amount of $473,281.60. Whereas, with the approval of the final plat, an escrow agreement with Honey Lane Development was also approved in the amount of $473,281.60, for certain on-site and off-site improvements; and, Whereas, a walk-through of the development 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 a full release to Honey Lane Development from the remaining escrow amount of $75,773.50. On the 7th day of October, 2025, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson Limkemann introduced RESOLUTION NO. 2025-077, A RESOLUTION FOR THE FULL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS and made a motion for approval. Motion seconded by Councilperson Schnedler. Ayes: Nays: Absent: Whereupon ___ Council members were present and voted approval and Mayor Kasparek declared that the RESOLUTION NO. 2025-077, A RESOLUTION FOR THE FULL RELEASE OF THE ESCROW FOR THE TIFFIN WEST IMPROVEMENTS 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 October, 2025. City of Tiffin ____________________________ Tim Kasparek, Mayor ATTEST: ________________________________ Abigail Hora, City Clerk