Madison, WI Header
File #: 35321    Version: 1 Name: Approving Construction Escrow Agreement required to serve Phase 2 of the Subdivision known as the Hawk’s Crossing and First Addition to Hawk’s Crossing related to Contract Number 2402.
Type: Resolution Status: Passed
File created: 8/25/2014 In control: BOARD OF PUBLIC WORKS
On agenda: 9/16/2014 Final action: 9/16/2014
Enactment date: 9/17/2014 Enactment #: RES-14-00705
Title: Approving Construction Escrow Agreement required to serve Phase 2 of the Subdivision known as the Hawk’s Crossing and First Addition to Hawk’s Crossing related to Contract Number 2402. (1st AD)
Sponsors: BOARD OF PUBLIC WORKS
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
9/16/20141 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
9/3/20141 BOARD OF PUBLIC WORKS RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - REPORT OF OFFICERPass Action details Meeting details Not available
8/26/20141 Engineering Division Refer  Action details Meeting details Not available
Fiscal Note
Private Contract. No City Funds Are Required.
Title
Approving Construction Escrow Agreement required to serve Phase 2 of the Subdivision known as the Hawk's Crossing and First Addition to Hawk's Crossing related to Contract Number 2402.  (1st AD)
Body
WHEREAS, the developer, B & B Ventures of Wisconsin, LLC, has received the City of Madison's approval to create the subdivision known as the Hawk's Crossing and First Addition to Hawk's Crossing; and,
 
WHEREAS, the developer has received prior approval for the construction of Phase 2 of the subdivision improvements under File No. 35216; 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 Settlers bank, B & B Ventures of Wisconsin, LLC and Preferred Title.