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Title:
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One-Year Term Contract with Four Years of Renewal Options for Real Property Escrow and Title Services for the Engineering Department (Single Response) (Citywide)
Currently, the City is preparing for the Broadway Road Improvement Project - Phase 1, from LeSueur to Spur. As part of the project, additional right-of-way and/or easements may be required for a total of 93 properties. This contract will provide a qualified firm to provide services for real property escrow and title services, which include updates and litigation report fee structures for real property with escrow fees and title insurance fees.
The Engineering Department and Purchasing recommend awarding the contract to the single, responsive and responsible bidder, Security Title Agency, at $170,000 annually, with an annual increase allowance of up to 5%, or the adjusted Consumer Price Index. This purchase is funded by the Capital Improvement Program project budget.
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