Board approves escrow agreement and updated buyer attorney fee for city property closing
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Summary
Winnebago County approved an escrow agreement and an updated closing statement that includes buyer's attorney fees of $3,477.50; the board authorized the chair to finalize closing paperwork and to hold $50,000 in escrow until a vacation is completed.
The Winnebago County Board approved an escrow agreement tied to a pending sale of county property referenced as the South Half Block of Rebecca Clark's addition to the city. Staff said the sale will close while a vacation remains outstanding and recommended retaining part of proceeds in escrow to ensure the vacation is completed.
The board approved a motion authorizing the chair to finalize closing paperwork and accepted an updated closing statement that included buyer's attorney fees of $3,477.50. The board discussed logistics for signatures and agreed to have documents executed immediately to avoid delays. Staff indicated $50,000 will be held in escrow "for whenever the vacation goes through" to ensure the buyer's escrow conditions are satisfied before releasing all proceeds.
The motion passed by voice vote; board members asked staff to get signatures promptly and to keep the closing moving so the transaction can complete before year-end if possible.