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2010-00448 - escrow fee
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3105 Casco Point Rd - 20-117-23-34-0006 (3105 Casco Circle)
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2010-00448 - escrow fee
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Last modified
8/22/2023 3:58:26 PM
Creation date
3/23/2016 1:04:44 PM
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Address
House Number
3105
Street Name
Casco Point
Street Type
Road
Address
3105 Casco Point Road
Document Type
Permits/Inspections
PIN
2011723340006
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ESCROW AGREEMENT <br /> Zoning Application 09-3437 8� Building Permit#2009-00860 <br /> � ���� <br /> AGREEMENT made this �� day of �'%t'`�_ , 20�, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and Kent 8� Susan Richey ("Owner"), currently residing at <br /> 4655 Goldenrod Lane N, Plymouth, Minnesota 55442. <br /> Recitals <br /> 1. A zoning application and a building permit application ("applications") have been filed for 3105 <br /> Casco Point Road the ("Subject Property"), legally described as Tract B, Registered Land Sunrey No. 1311, <br /> Hennepin County, Minnesota. <br /> 2. Owner requests the City to review the applications. <br /> 3. The City will commence its review of the applications and incur costs associated with said review <br /> oniy if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF E5CROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owner shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PFJRPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the project. Eligible expenses shall be consistent with expenses the <br /> Owner would be responsible for under a land use application and 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 the work <br /> is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code <br /> Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated <br /> with the work and to repair any damage to public property or infrastructure that is caused by the work (including <br /> planning, engineering, or legal consultant review) associated with Zoning Application 09-3437 8 Building <br /> Permit#2009-00860 if compliance is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br /> further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shall <br /> notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being <br /> made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional <br /> sums as directed by the City, or the City shall discontinue review and post a Stop Work Order. <br /> 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shail be returned to the <br /> Owner when the review has been completed and written notification is received from the Owner requesting the <br /> funds. <br /> 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> __---. � <br /> CITY: CITY��F fJ�ONO OWN ' <br /> -- <br /> gy: > By: <br /> Its: -�< <�C�L�Fz%'`��-� By: <br /> Internal Use Only: �Original to Finance Department �Copy to Street File <br />
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