City of Madison, Wisconsin | Legislative Information Center
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File #: 26323    Version: 1 Name: Approving Construction Escrow Agreement required to serve Phase 9 of the Subdivision known as the Linden Park related to Contract Number 2246.
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-12-00421
Title: Approving Construction Escrow Agreement required to serve Phase 9 of the Subdivision known as the Linden Park related to Contract Number 2246. (9th AD)
Sponsors: BOARD OF PUBLIC WORKS
Fiscal Note
Private Contract. No City Funds Are Required.
Title
Approving Construction Escrow Agreement required to serve Phase 9 of the Subdivision known as the Linden Park related to Contract Number 2246.  (9th AD)
Body
WHEREAS, the developer, Veridian Homes AB, LLC, has received the City of Madison's approval to create the subdivision known as the Linden Park; and,
 
WHEREAS, the developer has received prior approval for the construction of  Phase 9 of the subdivision improvements under RES-12-00365, Legislative File ID No. 26193, 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.