2022-02-23 WS & CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE ESCROW AGREEMENT FOR DEVELOPMENT This Escrow Agreement is entered into effective this 23 day of February 2022 by and between the CITY OF CENTERVILLE (the "City"), and Kwik Trip, Incorporated, a Wisconsin, corporation, (the "Developer"), its successors and assigns, and provides for the following: WHEREFORE: Developer now requests permission to begin construction of street improvements on or adjacent to the Real Property, described below. RECITALS: 1. Developer has applied for land use and construction permissions from the City for the development of real property (the "Real Property"), legally described as: Lot 1, of Block 1, of the Rehbein Commercial Plat located in the City of Centerville, County of Anoka County, and the State of Minnesota. 2. The City will expend resources processing said land use applications, review plans, inspect construction, and in other efforts for the development of, and construction on the Real Property. 3. Pursuant to City Ordinances, the City must collect cost escrows or hold security for a variety of land use and remediation measures including, but not limited to site maintenance, financial security, warranty, stormwater pollution plan, staff, engineering, and legal representation. NOW THEREFORE, in consideration of the foregoing and the mutual covenants hereinafter set forth, the parties hereto agree as follows: 4. Purpose. The purpose of this Agreement allows the City to hold Security while allowing the Developer to construct street improvements and matters collateral to site construction and development. The City may apply funds from the Security to forward these aims or correct violations of law or regulation related to these aims. 5. Creation of Account. There is hereby created and established with the City the following special and separate account to be held by the City and designated in the name of the Developer (the "Developer Account"). 6. Security. Concurrently with the execution and delivery of this Agreement, the Developer agrees to tender to the City security in the amount of One Hundred Sixty-one Thousand, Seven Hundred Ninety-six and No/100 Dollars ($161,796.00), and thereafter additional funds as may be added (the "Security"). These funds shall be tendered to the City in either of two forms: moneys deposited with the City or a letter of credit in favor of the City. A combination of these forms may be used. Page 1 of 5 Version 02182022-1