2016-01045 - escrow fee - Laserfiche WebLink

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� . ✓ DEMOLtT10N PERMIT#2015-00851 ESCROW AGREEMENT AGREEMENT made this �day of d� � , 20�� by and batween the CITY OF ORONO, a Minnesota municipal corporation ("City") and Casco Veritures, LLC ("Owners"). Rec ls 1. An applicafion for a demolition permit has been filed for principal structure located at 2760 Casco Roint Road, PfD 20-117-23-24-0020 and PID 20-117-23-24-0019 ('Subject Property") legal(y described as Lots 8 8 9 and Lots 10&11, Block 3, Casco Heights,Wright County, Minnesota. 2, In conjunction with the demolition,erosion control measures are required as shown on attached Exhibit 'A". NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneousiy with the execution of this Escrow Agreemerrt, the Owners shafl deposit$2,500 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 guarantee reimbursement to the City for all out-of-podcet costs(including planning, engineering, or legal consultar�t review)the City has incurred to assure that the erosion c�ntrol measures are installed and maintained so the property comp(ies with #he provisions of Orono City Code Chapter 79. The financiai 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�at is caused by tf�e work. If compliance with the approved Land Disturbance Permit is nvt accomplished within the allowable time period,the City may bring the praject into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City,its ager�ts,employees,officers and contractors the right to enter the property to pertorm all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon improvemerrts should the Owriers' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As tfie City receives consultant bills for incuRed costs,the City will in tum send a bill to the Owners. Owners shatt be responsible for payment to the City w►ithin 3d days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In tt�e event that the Owners do nat make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the�wners pay al{expenses invoiced pursuant to #3. The City may draw from the escrow account witt'iout further approval of the Owners to reimburse the City for eligibie expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount af tiie financial security deposited with the City for faithful performance of the plans and specifications and any related remedial work wil! be released after the completion and inspectton of all such measures and the establishment of final stabilization for the Subject Property. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shatl be released upan City Staff receiving the appropriate verification that all requirements of the project have been successfully compfeted. fi. CERT1Fll UNPAiD CHARGES. tf#he project is abandoned by Owners, or if the eligible e�enses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 368.012. C1TY: ITY OF ORONO �WNERS: By: �V U f-�I�"� / ��' " �"F"% � ��-�-�.�--�-�;�-� � �ts:� � Y � � '�}' ,,,� Ieler�at i;se Oety: Or�inal tQ FE ce Dcpart�eit 0 Copy M 3teYet�e