HomeMy WebLinkAbout7D, Motion to Approve Escrow Agreement
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Request for Council Action
Prepared By:
Ron Moorse
Council Meeting Date: July 27, 2009
Motion to Approve the Escrow Agreement Between the eity and RRLD, and Old Republic
National Title Insurance eompany as the escrow agent.
Budgeted Amount:
NA
Actual Amount:
NA
Funding Source:
NA
Recommendation:
1. Motion to approve the escrow agreement between the City and RRLD, and Old
Republic National Title Insurance Company as the escrow agent.
Supportin!! Documents:
1, See the attached memo from Ron Moorse
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MEMORANDUM
DATE:
July 27, 2009
TO:
Mayor and City Council
FROM:
Ron Moorse, City Administrator
SUBJECT:
TCAAP Escrow Agreement
Back2round
The Council, at its July 22, 2009 TCAAP work session, discussed the use of an escrow
agreement in relation to disputed TCAAP reimbursable expenses. The City Attorney has
recommended that the funds related to disputed reimbursable expenses be placed into an escrow
account while the dispute is resolved. The proposed escrow agreement will be emailed to
Council members as soon as it is finalized (by Friday, July 24)
The Council requested that the City Attorney provide a letter discussing the pros and cons of
placing the funds into an escrow account. The City Attorney's letter is being provided under
separate cover.
Council Action Reauested:
Motion to approve the escrow agreement between the City and RRLD, and Old Republic
National Title Insurance Company as the escrow agent.
\\Metro-inet\ardenhills\Admin\Council\Agendas & Packet Information\2009\07-27-09 Regular\Packet Information\7,D - RCA
TCAAP Escrow agreement 7-27-09,doc