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w S <br /> WETLAND BUFFER ESTABLISHMENT ESCROW AGREEMENT <br /> Permit#2012-00424 <br /> AGREEMENT made this e 7 day of r , 20 I by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and Justin &Alyssa Kanive ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for a sport court located at 950 Willow View Drive the <br /> ("Subject Property"), legally described as Lot 6, Block 3, Willow View, Hennepin County, Minnesota. <br /> 2. The City has reviewed and approved this application. <br /> 3. The scope of the project which is the subject of building permit #2012-00424 triggers the <br /> application of the City's wetland buffer requirement as established by City Zoning Code Article XI Wetlands <br /> Protection will commence its review of the application and incur costs associated with said review only if the <br /> 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 Owners 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 purpose of the escrow is to guarantee the establishment and <br /> development of the required native wetland buffer and to reimburse the City for all out-of-pocket costs the City <br /> has incurred (including planning, engineering or legal consultant review) or will incur in reviewing the plan. Eligible <br /> expenses shall be consistent with expenses the Owners would be responsible for as part of the establishment of <br /> the wetland buffer. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City <br /> has incurred associated with permit #2012-00424 if compliance with the wetland buffer establishment 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 Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when the review has been completed, the native wetland buffer established and written notification is <br /> received from the Owners requesting the funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, 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 /> subjecrty pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY OF ORON 0 NER: <br /> -1111/ <br /> By: L? iirj I <br /> Its: (� <br /> Internal Use Only: D Original to Planning D Copy to Property Owner D Copy to Street File <br />