2014 - 01298 - escrow fee - Laserfiche WebLink

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TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building Permit#2014-00137 AGREEMENT made this S i X day of 4''G'Le'n 6'c , 2014, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Janelle& Michael Shields ("Owners"). Recitals 1. Construction of the new residence located at 364 Westlake Street the ("Subject Property"), legally described as Lot 9; and that part of Lots 10, 11 and 12 Block 1, Hillside Park, according to the recorded plat thereof, Hennepin County, together with that part of the vacated alley adjoining said Lot 12, lying East of a line described as commencing at the Northwest corner of said Lot 10; thence on an assumed bearing of North 89 degrees 57 minutes 07 seconds East along the North line of said Lot 10 a distance of 307.00 feet to the point of beginning of the line to be described; thence on a bearing of South to the shoreline of Lake Minnetonka and said line there terminating in Orono, Hennepin County Minnesota, is the subject of building permit application#2014-00137 has been completed. 2. Winter conditions currently prohibit completion of exterior improvements, final grading, and vegetation establishment. An as-built survey cannot be accurately conducted at this time. 3. Owners request the City issue a temporary certificate of occupancy ("TCO") to the Owners so that the Owners may occupy the new residence. 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of exterior improvements, continuation of erosion control and submittal of an as-built survey to the City. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $10,000 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. PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of any exterior improvements, final grading, establishment of vegetation as well as guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and 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 (including planning, engineering, or legal consultant review) associated with building permit #2014-00137 if compliance with the approved building permit 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 the timeframe 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 has incurred. 155441