| | | | | | | |  Shakopee City Council July 16, 2024
|
| | | | | | | | | FROM: | Alex Jordan, City Engineer | | TO: | Mayor and Council Members |
| | | |
| | | | | | | | Subject: Approve Partial Release of Escrow and Payment Agreement | | |
| | | | | | | | Policy/Action Requested: Approve a Partial Release of Escrow and Payment Agreement for Lot 8, Block 33, Southbridge 3rd Addition. | | |
| | | | | | | | Recommendation: Approve the Agreement | | |
| | | | | | | | Discussion:
All American Title Company is coordinating the sale of Lot 8, Block 33, Southbridge 3rd Addition. In conjunction with the closing on the property, the title company requests that the City provide a Partial Release of Escrow and Payment Agreement, recorded as Document No. A441837. The Agreement was provided as a security for the public improvements constructed with the Southbridge 3rd Addition development completed over 20 years ago. The security is no longer required as the improvements are completed, and the property can be released from the Escrow Agreement. | | |
|