2015-01191 - escrow fee - Laserfiche WebLink

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1 � . ' , DEMOLITION PERMIT#2015-01119 � ESCROW AGRE�EMENT AGREEMENT made this�day of �20�by and between the CITY OF ORONO, a Minnesota municipal corpora ion ("City")and pencer Lewin ("Owners"). Recitals 1. An application for a demolition permit has been filed for a tennis court located at 2150 Shevlin Drive("Su�ject Property")legally described as Lot 3,Block 3,Webber Hills,Hennepin County,Minnesota. 2. In conjuhction with the demolition,erosion control measures are required as shown on attached Exhibit uA,. � NOW, THEREOFRE, TIHE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit�2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPO$E OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs (in�luding planning, engineering, or legal consultant review) the City has incurred to assure that the erosion control measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished winhin the allowable time period,the City may bring the project into compliance by use of the security. 3. RIGHT QF ENTRY. The Owners hereby grant the City,its agents,employees,officers and contractors the right to enter the prop�rty to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion contr�l measures, including but not limited to constructing or completing any and all of the agreed upon improvements shoul�!the Owners' contractor not complete thbse improvements by the date specified herein. 3. MONTH4Y BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Own$rs shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBUR$EMENT FROM ESCROW ACCOUNT. ,In the event that the Owners do not make payment to the City within the timefname outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City fias incurred. 5. CLOSINf3 ESCROW. Any remaining amount of the financial security deposited with the City for faithful performance of the plans �nd specifications and any related remedial work will be released after the completion and inspection of all such mea�ures and the establishment of final stabilization for the Subject Property. City Staff shall review the terms of this es�row agreement two times per year to determine whether the requirements of the project have been successfully co pleted and whether it is appropriate to return the funds. Owner may also request the release of the funds,and such fund�shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been su�cessfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY. CITY O ORO `�"'�C J NEI� . By: Its: I�i�N-��--- � : � �,� � ,�y� -!� � ; � _ ,,., �.:, .� . .»� i 4 �. '�§ew,�tym ... �-:... � „ . � ,• �� . �� ,; � p Q ,:. , . .:.� � :.. , ,R; & T� �, e � .�: ;. : . ,