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<br /> <br />zB <br /> <br /> <br />._i.IIIS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />July 27, 2009 <br /> <br />TO: <br /> <br />Mayor and City Council <br /> <br />FROM: <br /> <br />Ron Moorse, City Administrator <br /> <br />SUBJECT: <br /> <br />TCAAP Escrow Agreement <br /> <br />Back2round <br /> <br />The Council, at its July 22, 2009 TCAAP work session, discussed the use of an escrow <br />agreement in relation to disputed TCAAP reimbursable expenses. The City Attorney has <br />recommended that the funds related to disputed reimbursable expenses be placed into an escrow <br />account while the dispute is resolved. The proposed escrow agreement will be emailed to <br />Council members as soon as it is finalized (by Friday, July 24) <br /> <br />The Council requested that the City Attorney provide a letter discussing the pros and cons of <br />placing the funds into an escrow account. The City Attorney's letter is being provided under <br />separate cover. <br /> <br />Council Action Reauested: <br /> <br />Motion to approve the escrow agreement between the City and RRLD, and Old Republic <br />National Title Insurance Company as the escrow agent. <br /> <br />\\Metro-inet\ardenhills\Admin\Council\Agendas & Packet Information\2009\07-27-09 Regular\Packet Information\7,D - RCA <br />TCAAP Escrow agreement 7-27-09,doc <br />