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� . ,�,,, <br /> TEMPORARY CERTIFICQTE OF OCCUPANCY <br /> ESCROW AGREEMENT <br /> Orono Bullding Permit#2811-00100 ' <br /> k� <br /> AGREEMENT made this 3� day of S�`r�� , 20 ��, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City")and Michael &Susan Gustafson ("Owners"). <br /> Recitals <br /> 1. Construction of the new residence Iocated at 120 Creekridge Pass the ("Subject <br /> Property"), legal4y described as Lot 3, Block 1, Creekside in Orono, Hennepin County <br /> Minnesota, is the subject of building permit apptication number 2011-00100 has been <br /> completed. <br /> 2. Weather conditians currently prohibit completion of exterior improvements, final grading, <br /> and vegetation establishment. An as-built survey cannot be accurately conducted at this <br /> time. <br /> 3. Owners request the City issue a temporary certificate of occupancy ("TCO"} to the <br /> Owners so that the Owners may occupy the new residence. <br /> 4. The City will issue a TCO only if the Owners establish an escrow to ensure compfetion of <br /> exterior irrsprovements, continuation of erosion control and submittal of an as-built survey <br /> to the City. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneausly with the execution of this Escrow <br /> Agreement, the Owners shalJ deposit$10,000 with the City. AI1 accrued interest, if any, shall be paid to <br /> the City to reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCRQW. The purpose of the escrow is to assure completion of any <br /> exterior impravements, final grading, estabfishment of vegetation as wel! as guarantee reimbursement to <br /> the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of <br /> $500, or legal consultant review} or will incur in reviewing the plan. Eligible expenses shalE be consistent <br /> with expenses the Owners would be responsible for under 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 <br /> the work is completed in accordance wi#h the Starmwater Pollution Prevention Plan and the provisions of <br /> Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any <br /> hazardous conditions associated with the work and to repair any damage to public property or <br /> infrastructure that is caused by the work (including planning, engineering, or legal consultant review) <br /> associated with building permit #2011-00140 if compliance with the approved building permit is not <br /> accomplished. <br /> ; <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City wili <br /> in turn send a bill to the Owners. �wners shalf be responsible for payment to the City within 30 days of <br /> tf�e Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. !n the event that the Owners do not make <br /> payment to the Ciry within the timeframe outfined in#3 above, shall issue a Stop Work Order untit fhe Owners <br /> pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval <br /> of the Owners to reimburse the City for eligibie expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to <br /> the Owners when the review has been completed and writfen notification is received from the Owners <br /> requesting the funds. <br /> 155441 <br />