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Owosso approves $137,100 escrow for Washington Park housing development engineering
Summary
Council approved an escrow agreement of $137,100 to cover administrative engineering costs for the Washington Park housing development; Tetra Tech will engineer and supervise infrastructure work and the developer is expected to reimburse the city under the brownfield plan.
The Owosso City Council on Oct. 7 approved an escrow agreement authorizing $137,100 to be held for administrative engineering costs for the Washington Park housing development project.
City staff said the escrow covers Tetra Tech—s work to engineer and supervise water, sewer, storm sewer and street reconstruction associated with the development. Staff explained that while the city hires the engineer to administer and supervise the project from an engineering standpoint, the developer will ultimately pay the costs and be reimbursed under the city—s previously approved brownfield plan.
Council moved, seconded and approved the escrow agreement by roll call. Staff said the escrow is intended as protection to ensure Tetra Tech is paid and to front administrative engineering costs until the project is closed out.
