WHEREAS a Supplement to Construction Escrow Agreement was entered into on October 20, 2005, by and between MRED (Burlington) Associates, A Wisconsin Limited Partnership, Wisconsin Title Service Company (Escrow Agent) and the City of Burlington to ensure the availability of funds for the construction of the intersection of State Highway 36 and County Highway W to Wisconsin Department of Transportation (DOT) Standards; and

WHEREAS MRED (Burlington) Associates has now entered into a Memorandum of Understanding with DOT and has posted a Certificate of Deposit with DOT to ensure said intersection improvements, satisfying the City’s concerns; and

WHEREAS the conditions for release of said Supplement to Construction Escrow Agreement have been satisfied through MRED (Burlington) Associates’ entry into the Memorandum of Understanding with DOT rather than by separate agreement with and bond posted to the City:

NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Burlington, based upon all of the above, that the Supplement to Construction Escrow Agreement dated and signed October 20, 2005 is hereby released, and City Officials may execute documents as required to finalize such release.