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EROSION CONTROL ESCROW AGREEMENT <br /> 101 <br /> AGREEMENT made this ! rir day of S - 20 0'(, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and Jason &Joni Pfeiffer ("Owner"). <br /> Recitals <br /> 1. A building permit application has been filed for a new principal structure located at 70 Wear <br /> Lane the ("Subject Property"), as more fully shown and described on Exhibit"A" attached hereto. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owner shall deposit $2,000 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The escrow will also guarantee reimbursement to the City for all out- <br /> of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be <br /> used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to <br /> public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant <br /> review) associated with building permit #2009-00351 if compliance with the approved building permit is not <br /> accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br /> further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shall <br /> notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being <br /> made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional <br /> sums as directed by the City, or the City shall discontinue review and post a Stop Work Order. <br /> 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owner when the review has been completed and written notification is received from the Owner requesting the <br /> funds. <br /> 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY 9F O"oNo OWNER <br /> 77,z/ZBy: , By. %?> <br /> Its: /=% 1--0C 01,VA t7,ti L 4-- By:/\ .;\\,� s( <br />