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mm'-' <br />4, <br />cr*.: ; <br />'i';^V <br />■r-' <br />m <br />|f' <br />W:1! <br />y. <br />^C'.-I?> <br />i: <br />i- <br />8-' <br />- ■ <br />£vi <br />I:"' <br />^v <br />?'■ <br />f/ <br />0^-f'\ <br />^•:rl <br />:• t: <br />iW\- <br />* <br />*■: ’ . <br />/ *4 <br />To:Mayor Peterson and Orono City Council <br />From:Ron MoorsCf City Administrator <br />COUNCIL MEETING <br />mar 2 3 199? <br />Date:March 20, 1992 CITY OF ORONO <br />Subject: Title Insurance Coverage Increase <br />As part of the closing on the purchase of the property for <br />the City facilitiesr the City purchased title insurance as <br />protection against any problems with the title to the property. <br />The amount of coverage was based on the value of the property <br />with the intent that as the improvements were constructed on the <br />property the coverage would be increased to match the increased <br />value of the property and improvements. The City Attorney has <br />suggested that because we are now beginning construction, the <br />coverage should be increased at this time. The Attorney further <br />recommends that rather than increasing the coverage in increments <br />as the buildings are constructed, it is preferable to simply <br />increase the coverage at this time to reflect the full final <br />value of the land and the completed buildings. Using a final <br />construction cost of $3,500,000, the additional premium would be <br />approximately $5,250. <br />Council action requested: Motion approving an increase in <br />the title insurance coverage on the new facilities' property to <br />reflect the total construction cost of the City facilities. <br />Isv