2012-00715 - escrow fee - Laserfiche WebLink

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\��/� /� ESCROW AGREEMENTS Land Use Application#10-3479, Demo Permit#�and Building Permit#2011-01191 AGREEMENT made this l day of , 20 V� , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Philtip Whipple ("Owner"). Recitals 1. Land Use, Demolition Permit and Building Permit Applications ("Applications") have been filed for demolition of the existing home and construction of a new residence located at 3095 Casco Pint Road ("Subject Property"), legally described as Tract A, RLS No. 1311, Hennepin County Minnesota. 2. Owner requests the City to review the Applications. 3. The City will commence its review of the Applications and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owner shall 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-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under the Applications. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work 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 legal consultant review) associated with Land Use Application #10-3479, Demo Permit #�_ and Building Permit#2011-01191 if compliance with the approved building permit is not accomplished. ��j�2� 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owner pays all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owner to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owner when the review has been completed and written notification is received from the Owner requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 366.012. CITY: CITY F O By: Its: Internat Use Qnly: d Original to Planning O Copy to Property Owner G Copy to Street File