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Developer places $8 million escrow for Margin District subgrade excavation; city staff OKs escrow agreement to cover excavation risk
Summary
The developer of the Margin District has voluntarily placed $8 million in an escrow account as a performance surety to address potential risks arising from more than 40 feet of excavation for subgrade parking; staff said funds would be managed by an escrow agent and available if timely repair is required.
City staff presented a voluntary escrow and surety arrangement tied to excavation for the Margin District development, telling the Board of Mayor and Aldermen the developer has offered $8,000,000 in cash escrow plus the normal performance sureties to help the city manage risk during deep subgrade excavation for underground parking.
Vernon (development staff) said the project includes excavation…
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