2015-01307 - escrow fee - Laserfiche WebLink

Metadata

Thumbnails

Annotations

, ' DEMOLITIQN PERMIT#2015-00851 ESCROW AGREEMENT AGREEMENT made this�day of�'U , 20��by and batween the CITY OF ORONO, a Minnesota municipal c;orporation {"City")and Casco Verrtures, LLC("Owners'�. Rec als 4. An applicafion for a demolition permit has been flled for principal structure located at 2760 Casco Roint Road, PID 20-117-23-24-0020 and PID 20-117-23-24-0019('Subject Propert�') legalfy desaibed as Lots 8 8 9 and Lots 10&11, Block 3, Casco Heights,Wright County, Minnesota. 2. In conjunction with t�e demotition,erosion control measures are required as shown on attached Exhibit •A° NOW,THEREOFRE,THE PARTIES AGREE AS FOLL�WS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneousfy with the execution of this Escrow Agreemerrt, the�wners shall deposif$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 acxount. 2. PURPOSE OF ESCROW. The purpose of ths escrow is to guarantee reimbursemerrt ta the City for all out-of-podcet casts(induding planning,engineering, or legal consultarrt review)the City has incumed to assure that the erosion co�ol measures are instslled and mairrtained so the property compfies with the provisions of Orono City Code Chapter 79. The�nancial 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. If campiiance with the approved Land Disturbance Permit is not accompllshed wtthln tfie allowable time period,the City may bring the project irrto compfiance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City,its agerrts,employees,offic�rs and contradors the right to enter the property to pertorm all worlc and inspections deemed appropriate by the City in conjuncGon with the requfred erosion cor�trol measures, Induding but not limited to cortstrucxing or completing any and all of the agreed upon improvemerrts should the Owners'corrtr°actor not camplete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will fi tum send a bill to the Owners. Owners shall be responsibls for payment to the City within 30 days of the Owners' receipt of bill. 4, DISBURSEMENT FROM ESCROW ACCOUNT. In tfie event that the Owners do not make paymerrt to the Cfty within the timeframe outlined in#3 above,shall issue a Stop Wo�ic Order urrtil the Owners pay alt expenses invoiced pursuarrt to #3. The City may draw from the escrow account without further approval of the Owners to refmburse the City for eligible e�enses the City has incurt�ed. 5. CLOSING E3CROW. My remaining amount of fhe finanGal security deposited with the City for faithfu) performartce of the plans and spec:ifications and any related remedial work wil! be released after the completion and inspectton of all such measures and the establishmerrt af final stabilizaz�tion for the Subject Property. City Staff shall review the terms of this escrow agreemerrt two times per year to defermine whether the requirsments of the projed have been successfully completed and whether it is appropriate to retum the funds. Owrier may a(so request the release of the funds,and such funds shall be released upnn City Staff rec�iving the appropriate verification that all requirements of the project have been sucxessfully completed. 6. CERTIFY UNPAID CHARGES. ff the project is abandoned by Owners, or if the eligible expenses 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. CITY: ITY OF ORONO OWNERS: � By: � �`'� �'�� r Its:�___�� _ Ieht�sal i;se Oely: �OrEfinsl ta FPrance Dspart�eYt Cop�•ih 3trtet FMe