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Board approves escrow agreement and updated buyer attorney fee for city property closing
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.
