2012-00529 - escrow fee - Laserfiche WebLink

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WETLAND BUFFER ESTABLISHMENT ESCROW AGREEMENT Permit#2012-00339 AGREEMENT made this,L�__day of ,��c�?'' ?Cl_/ by and between the CITY OF ORONO. a Minnesota municipal corporation("City")and Michael&Jill Oyer("Owners"). ftcitalf 1. A building permit application has been filed for a property located at 4115 Watertown Road the ("Subject Property'), legally described as Lot 2, Block 1, Mapie Place Second Addition Hennepin County, Minnesota 2 The City has rev ewed and approved this application. 3. The scope of the project wrich is the subject of building permit 1#2012-00339 triggers the application of the City's wetland buffer requirement as established by City Zoning Code Article XI Wetiands Protection will commence its rev.ew of the application and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESC UNI55. Contemporaneously with the execution of this Escrow Agreement,the Owners shall depo it E5.0 with the City. All accrued interest. if any, shall be paid to the City to reinnburse the City for its cost in ad: mat g the escrow a=unt. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee the &stablishrrient and development of the required native wetland buffer and to reimburse the City for all out-of-pocket costs the City has incurred(including ptar,ning.engineering or legal consultant review)or will incur in reviewing the pian Eligible expenses shall be consistent with expenses the Owners would be responsible for as part of the establishment of the wetland buffer. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred associated with permit #2012.00339 if compliance with the wetland buffer establishment is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs.the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT in the event that the Owners do not make payment to the City within 1we timeframe outlined in#3 above,shall issue a Stop Work Order unt{I the Owners pay a'I expenses invoiced pursuant to 03. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. S. CLOSING ESCROW. The Balance on deposit in the escrow, if any, sr.all be returned to the Owners when the review has been completed, the native wetlard buffer established and written notification is received from the Owners requesting the funds. S. CERTIFY UNPAID CHARGES. It the project is abandoned by Owners. or if the eligible expenses incurred by the City exceed the amount in escrow,the City shalt have the right to certify the unpaid balarce io the subject property pursuant,to Minn Stat.§§415.01 and 366.012 CITY: CITY OF ORONO OWNER; - - Its. InUrnef ter*aMvn o 0101111111111,101 to @ O Cow to 84461 oft