HomeMy WebLinkAbout2024-12-16 I01E_06 Escrow Partial Release_Waukee Towne Center LLCAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 16, 2024
AGENDA ITEM:Consideration of approval of Partial Release of Escrow Agreement between the
City of Waukee and Waukee Towne Center, LLC
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: · Waukee Towne Center, LLC (WTC) and the City entered into
an Escrow Agreement dated February, 2024, under which WTC deposited $154,100.00 with Brick Gentry
Law Firm to ensure the completion of certain Outlot Improvements required under the Development
Agreement dated September 18, 2023. WTC has substantially completed the Outlot Improvements, except
for turf establishment around the stormwater detention basin. The parties agree that City shall retain
$6,000.00 of the escrowed funds in escrow as security for WTC completing the seeding/desired turf
establishment. The balance of $148,100.00 in escrowed funds shall be disbursed to WTC.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: $148,100.00 is to be paid to WTC.
$6,000.00 is to be retained by the City as security to complete the remaining work task of turf
establishment.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Resolution
II. Partial Release of Escrow Agreement
PREPARED BY:Lisa Bauman
REVIEWED BY:Rudy Koester RK
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1E6
THE CITY OF WAUKEE, IOWA
RESOLUTION 2024-
APPROVING A PARTIAL RELEASE OF ESCROW AGREEMENT BETWEEN THE
CITY OF WAUKEE AND WAUKEE TOWNE CENTER, LLC
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal
Organization; AND,
WHEREAS, the City of Waukee and Waukee Towne Center, LLC entered into an Escrow
Agreement dated February 20, 2024, to ensure the completion of certain improvements required
under the Development Agreement between the parties dated September 18, 2023; AND,
WHEREAS, most of the improvements have been completed however, there is a small portion
of work to be completed in the Outlot detention basin; AND,
WHEREAS, the parties have reached a Partial Release of Escrow Agreement to allow most of
the escrow to be released while retaining a portion in escrow until the remaining work is
completed; AND,
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council that the
proposed Partial Release of Escrow Agreement between Waukee Towne Center, LLC and the
City of Waukee is approved.
Passed by the City Council of the City of Waukee, Iowa, and approved this the 16th day of
December, 2024.
____________________________
Courtney Clarke, Mayor
Attest:
___________________________________
Rebecca D. Schuett, City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
R. Charles Bottenberg
Chris Crone
Rob Grove
Anna Bergman Pierce
Ben Sinclair
PARTIAL RELEASE OF ESCROW AGREEMENT
This Partial Release of Escrow Agreement (the “Partial Release”) is entered into as of the
_____ day of December, 2024, by and between Waukee Towne Center, LLC (“WTC”) and the City
of Waukee, Iowa (the “City”).
RECITALS
WTC and the City entered into an Escrow Agreement dated February, 2024, under which
WTC deposited $154,100.00 with Brick Gentry Law Firm (the “Escrow Agent”) to ensure
the completion of certain improvements (the “Outlot Improvements”) required under the
Development Agreement dated September 18, 2023.
WTC has substantially completed the Outlot Improvements, except for seeding the
detention basin (the “Remaining Work”).
The parties agree that City shall retain $6,000.00 of the escrowed funds in escrow as
security for WTC completing the Remaining Work. The balance of $148,100.00 in
escrowed funds shall be disbursed to WTC.
AGREEMENT
In consideration of the mutual agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1.The City shall retain $6,000.00 of the escrowed funds to be disbursed to WTC
upon WTC, on or before August 2025, establishing vegetation in the detention basin to the
reasonable satisfaction of the City.
2.The Escrow Agent is hereby authorized and directed to release the remaining
$148,100.00 from the escrow account to WTC.
3.This Partial Release may be executed in counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same agreement. The
parties represent and warrant that they are authorized to execute this Partial Release.
IN WITNESS WHEREOF, the parties have executed this Partial Release as of the date
first written above.
Waukee Towne Center, LLC
By: ___________________________
Name: ________________________
Title: Manager
City of Waukee, Iowa
By: ___________________________
Name: ________________________
Title: Mayor
Attest:
By: ___________________________
Name: ________________________
Title: City Clerk
(4536017.2).docx
Courtney Clarke
Rebecca D. Schuett