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HRA Regular Session Item #: 6. 1. <br />Date: 11/23/2010 <br />By: Heidi Nelson <br />Administrative Services <br />Notification: <br />No notification is required for this action. <br />Information <br />Title: <br />Consider amendment to Flaherty and Collins Escrow Agreement <br />Background: <br />In July of 2010, the City of Ramsey HRA entered into an escrow agreement with Flaherty and Collins for the <br />development of The Residences at the COR apartment project. The escrow agreement provided for $25,000 <br />funding from each party for pre - development activities for the project. The escrow agreement included an exhibit <br />that defined the thrid party services elibible for reimbursement under the agreement. Those thrid party services <br />included market study, geotechnical, and phase one environmental. Flaherty and Collins is requesting that <br />Architectural and Engineering Services be added to the eligible third party services eligible for reimbursement. <br />Staff has reviewed this request with the HRA's legal counsel, Tom Bray, who drafted the escrow agreement and he <br />approves of the requested change <br />The executed escrow agreement is attached for HRA review. <br />Observations: <br />Staff recommends that the HRA approve the amendment to the Flaherty and Collins Escrow Agreement to include <br />Architectural and Engineering Services as a Third Party Service in Exhibit A to the agreement for reimbursement . <br />Recommendation: <br />Staff recommends that the HRA approve the amendment to the Flaherty and Collins Escrow Agreement to include <br />Architectural and Engineering Services as a Third Party Service in Exhibit A to the agreement for reimbursement . <br />Council Action: <br />Authorize the amendment to the Flaherty and Collins Escrow Agreement to include Architectural and Engineering <br />Services as a Third Party Service in Exhibit A to the agreement for reimbursement . <br />Executed Escrow Agreement <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Heidi Nelson (Originator) Heidi Nelson 11/17/2010 12:35 PM <br />Kurt Ulrich Jo Thieling 11/17/2010 01:24 PM <br />Heidi Nelson (Originator) Heidi Nelson 11/17/2010 02:58 PM <br />Kurt Ulrich Kurt Ulrich 11/18/2010 03:36 PM <br />Form Started By: Heidi Nelson Started On: 11/17/2010 12:15 PM <br />Final Approval Date: 11/18/2010 <br />