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i � TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building Permit#2013-0072$ AGREEMENT made this 19 day of S�tember , 2014, by and between the CITY OF ORONO, a Minnesota municipal corporation("City") and James Calvin O'Rourke Revocable Trust("Owners"). Recitals 1. Construction of the new residence located at 3227 Casco Circle the ("Subject Property"), legally described as Attached as Exhlbit A in Orono, Hennepin County Minnesota, is the subject of building permit application number#2013-00728 has been completed. 2 and veget t ontlestabl srhmelntPrAnl als bu It sutrvey c nnotlbel ccurately conductedrat�tt�is time. 3. Owners request the City issue a temPhe ew residence.f occupancy ("TCO") to the Owners so that the Owners may occupy 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 af 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 (inc�uding planning, engineering, in excess of $5�0, or iegai consultant review) or will incur in reviewing the pta�. Efigible expenses shall be consistent with expenses the Owners would be responsible fvr under a building permit application. The escrow will also guarantee reimbursement to the City for atl out-of-pocket costs the City has incurred to assure that the wark 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 legai consultant review) associated with buftding permit #2013-Od728 "rf comptiance 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, fn 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 of t e'IOwners to re mbu se the Cfty fo#elig bhe exlpe sesthe C'ty hasencurred account without further approval 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shal� be returned to the Owners when all requirements related to the project are comptete. City Staff shall review the terms of this escrow agreement two times per yea� to determine whether the �equirements af the project have been successfully completed and whether it is appropriate to return the funds. Owner may akso requesi the release of the funds, and such funds shaU be released upon City Staff receiving the apprapriate verification that all requirements of the project have been successfully completed. Page 1 of 2 155441