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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />4.5 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent Agenda <br />February 5, 2024 <br />Zack Carlton, Community Development Director <br />Item Description <br />Reviewed by <br />Escrow Agreement: Clear Sky (Trellis) Apartment <br />Cal Portner, City Administrator <br />Project <br />Reviewed by <br />Action Requested <br />Approve, by motion, the escrow agreement securing funds for landscape improvements at 10730 1751h Ave NW. <br />Background/Discussion <br />The Clear Sky apartment project, developed by Trellis Co, completed construction of their building, and has <br />requested a temporary certificate of occupancy (CO) to begin leasing their units. However, the exterior <br />landscaping and sidewalk work has not been completed due to the winter season. <br />Typically, the city issues a temporary CO and collects an escrow for all outstanding work, allowing the facility to <br />open prior to completing all required improvements. This escrow is held by the city and released when the work <br />is completed in the spring. The applicant contacted staff to note that additional agencies also require an escrow <br />for this project to secure the same improvements. They proposed adding the city as an interested party in an <br />escrow agreement held by the title company. <br />Staff and the city attorney reviewed the escrow agreement and are comfortable with this proposal, helping the <br />applicant reduce costs for their project. <br />Financial Impact <br />None <br />Mission/Policy/Goal <br />Support businesses working in the community. <br />Attachments <br />■ Escrow Agreement <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires pi ospei ly. <br />M <br />TUREJ <br />Updated.- Januag 2023 <br />