Resolution - 12-24: Release Escrow Deposit for Pres. Homes0
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CITY OF SPRING PARK
SPRING PARK, MINNESOTA
RESOLUTION 12 - 24
A RESOLUTION RELEASING THE ESCROW DEPOSIT FOR THE
PRESBYTERIAN HOMES PROJECT
WHEREAS, pursuant to section 3.2 of the Development Agreement dated
December 21, 2009 by and between the City of Spring Park and Presbyterian Homes
Housing and Assisted Living, Inc. (the "Developer"), the Developer was required to
provide an escrow deposit with the City of Spring Park; and
WHEREAS, the Development Agreement provides that the escrow deposit is to
be released by the City of Spring Park within 30 days of the completion of the project;
and
WHEREAS, all required components of the Development Agreement have been
completed, with confirmation by Minnehaha Creek Watershed District of completion sent
to the City of Spring Park on October 22, 2012, and have been approved by the city
engineer; and
WHEREAS, all payments out of the escrow deposit have been made and no
further requests are pending; and
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
1. The escrow deposit be reduced to $5,000 and the balance thereof be returned
in full to the developer.
Adopted by the City Council of the City of Spring Park, Minnesota on November
19, 2012.
Approved:
��SmaL &;0haAA—
Sarah Reinhardt, yor
Attest:
Wendy Le . in, ity Clerk
Resolution 12 - 24