Sam's Club Escrow Agree Street Improvements
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MEMORANDUM
March 2, 2006
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Sam's Club
City Attorney Barry Lindahl is recommending approval of an Escrow Agreement with
Wal-Mart related to the required street improvements
I concur with the recommendation and respectfully request Mayor and City Council
approval.
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Michael C. Van Milligen
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Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
BAR R Y A. L I N D A H L
CORPORATION COU
MEMO
To:
Michael C. Van Milligen
City Manager
DATE:
February 23, 2006
RE:
Sam's Club
Ordinance No. 69-05, adopted by the City Council on December 19, 2005, approved the
PUD and Conceptual Development Plan for Sam's Club at the Norwest Arterial and
Asbury Road.
The Ordinance provides in part that Asbury Road shall be configured with an additional
eastbound thru-Iane from the Northwest Arterial/Asbury Road intersection to the new
access serving the Sam's Club property. The City shall construct the additional
eastbound thru-Iane according to prevailing City standards and specifications for such
improvements, utilizing funds placed on deposit by Wal-Mart Stores, Inc. for that
purpose under the terms of an escrow agreement to be entered into between Wal-Mart
Stores, Inc., the City of Dubuque and a corporate trustee (selected by Wal-Mart Stores,
Inc. and reasonably acceptable to the City) prior to the date of closing on the acquisition
of the Sam's Club property. The escrow account shall be used to reimburse the City for
all costs associated with the eastbound thru-Iane, including but not limited to the costs
for land acquisition, design, engineering, construction and inspection; provided,
however, that Wal-Mart Stores, Inc. shall not be obligated to deposit more than
$250,000 in the escrow account, and the City shall not be obligated to use any other
City funds for the purpose of constructing the eastbound thru-Iane in the event that the
amount on deposit in the escrow account shall be insufficient for the purpose. The
escrow agreement shall provide in substance that the account shall be accessible by
the City upon notice to but without the consent of Wal-Mart Stores, Inc., and the escrow
agreement shall otherwise be in a form acceptable to the City in all respects.
Attached is the proposed Escrow Agreement.
I recommend that the Escrow Agreement be submitted to the City Council for
consideration and approval.
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 583-4113/ FAX (563) 583-1040/ EMAIL balesq@cityofdubuque.org
Attachment
CC: Cindy Steinhauser, Assistant City Manager
Gus Psihoyos, City Engineer
OFFICE OF THE CITY ATTORNEY DUBUQUE, IOWA
SUITE 330, HARBOR VIEW PLACE, 300 MAIN STREET DUBUQUE, IA 52001-6944
TELEPHONE (563) 583-4113/ FAX (563) 583-1040/ EMAIL balesq@cilyofdubuque.org