Consider amendment to Flaherty and Collins Escrow Agreement

In July of 2010, the City of Ramsey HRA entered into an escrow agreement with Flaherty and Collins for the development of The Residences at the COR apartment project.  The escrow agreement provided for $25,000 funding from each party for pre-development activities for the project.  The escrow agreement included an exhibit that defined the thrid party services elibible for reimbursement under the agreement.  Those thrid party services included market study, geotechnical, and phase one environmental.  Flaherty and Collins is requesting that Architectural and Engineering Services be added to the eligible third party services eligible for reimbursement.  Staff has reviewed this request with the HRA's legal counsel, Tom Bray, who drafted the escrow agreement and he approves of the requested change. 

 

The executed escrow agreement is attached for HRA review. 

No notification is required for this action. 

Staff recommends that the HRA approve the amendment to the Flaherty and Collins Escrow Agreement to include Architectural and Engineering Services as a Third Party Service in Exhibit A to the agreement for reimbursement . 

Staff recommends that the HRA approve the amendment to the Flaherty and Collins Escrow Agreement to include Architectural and Engineering Services as a Third Party Service in Exhibit A to the agreement for reimbursement .

Authorize the amendment to the Flaherty and Collins Escrow Agreement to include Architectural and Engineering Services as a Third Party Service in Exhibit A to the agreement for reimbursement .