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.� � <br /> TEMPORARY CERTIFICATE OF OCCUPANCY <br /> ESCROW AGREEMENT <br /> Orono Building Permit#2012-00384 <br /> AGREEMENT made this � � day of �i��� , 20 l3, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and Matt& Neena Kissner ("Owners"). <br /> Recitals <br /> 1. Construction of the new residence located at 3205 Graham Hill Road the ("Subject <br /> Property"), legally described as Lot 1, Block1, Graham Hill Preserve in Orono, Hennepin <br /> County Minnesota, is the subject of building permit application number 2012-00384 has <br /> been completed. <br /> 2. Winter conditions currently prohibit compietion of exterior improvements, final grading, <br /> and vegetation establishment. An as-built survey cannot be accurately conducted at this <br /> time. <br /> 3. Owners request the City issue a temporary certificate of occupancy ("TCO") to the <br /> Owners so that the Owners may occupy the new residence. <br /> 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of <br /> exterior improvements, continuation of erosion control and submittal of an as-built survey <br /> to the City. <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 an additional $7,500 to be combined with the $2,500 currently held <br /> by the City for a total of $10,000. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of any <br /> exterior improvements, final grading, establishment of vegetation as well as guarantee reimbursement to <br /> the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of <br /> $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent <br /> with expenses the Owners would be responsible for under a building permit application. The escrow will <br /> also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that <br /> the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of <br /> Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any <br /> hazardous conditions associated with the work and to repair any damage to public property or <br /> infrastructure that is caused by the work (including planning, engineering, or legal consultant review) <br /> associated with buitding permit #2012-00384 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 <br /> in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of <br /> the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners <br /> pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval <br /> of the Owners to 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 <br /> the Owners when the review has been compieted and written notification is received from the Owners <br /> requesting the funds. <br /> 155441 <br />