City of Madison, Wisconsin | Legislative Information Center
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File #: 26322    Version: 1 Name: Approving Construction Escrow Agreement required to serve Phase 5 of the Subdivision known as the Meadowlands related to Contract Number 2084.
Type: Resolution Status: Passed
File created: 5/9/2012 In control: BOARD OF PUBLIC WORKS
On agenda: 6/12/2012 Final action: 6/12/2012
Enactment date: 6/15/2012 Enactment #: RES-12-00420
Title: Approving Construction Escrow Agreement required to serve Phase 5 of the Subdivision known as the Meadowlands related to Contract Number 2084. (3rd AD)
Sponsors: BOARD OF PUBLIC WORKS
Fiscal Note
Private Contract. No City Funds Are Required.
Title
Approving Construction Escrow Agreement required to serve Phase 5 of the Subdivision known as the Meadowlands related to Contract Number 2084. (3rd AD)
Body
WHEREAS, the developer, Veridian Homes AB, LLC, has received the City of Madison's approval to create the subdivision known as the Meadowlands; and,
 
WHEREAS, the developer has received prior approval for the construction of the subdivision improvements under RES-12-00364 legislative File ID No. 26192, and,   
 
WHEREAS, the developer along with their lender and title company have requested that the City allow for an escrow agreement in lieu of a surety bond or letter of credit to guaranty the installation of the public improvements required to serve this development.
 
 
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk are hereby authorized and directed to execute a Construction Escrow Agreement with Anchorbank, fsb, Veridian Homes AB, LLC and Preferred Title.