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<br /> TEMPORARY GERTIFICATE OF OCCUPANCY
<br /> ESCROW AGREEMEN7
<br /> Building Permit#2015-01193
<br /> AGREEMENT made this�day of_��t-� , 20� b, by and between the CITY OF
<br /> ORONO, a Minnesota municipai corporation ("City") and Steven Elliott("Owners").
<br /> Recitals
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<br /> �• Construction of the new residence located at 1400 Baldur Park Road the ("Subject
<br /> Property"), legally described as Lot 15, Block 1, Baldur Park, Minnesota in Orono,
<br /> � Hennepin County Minnesoka, is the sub'ect of buildin
<br /> ± completed. � g permit #2015-01193 has been
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<br /> a;. 2• Weather conditions 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 Owners
<br /> 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 completion of
<br /> exterior improvements, continuation of erosion control and submittaf of an as-built su►vey
<br /> to the City.
<br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS:
<br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow
<br /> Agreement,the Owners shafl deposit�10,000 with the City. Afl accrued interest, if any, shall be paid to the
<br /> City to reimburse the City for its cost in administering the escrow account.
<br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of any
<br /> exterior improvements, final grading, establishment of vegetation as well as guarantee reimbursement to
<br /> the City for all out-of-pocket costs the City has incurred (inctuding planning, engineering, in excess of$500,
<br /> or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with
<br /> expenses the Owners would be responsible for under a building permit application. The escrow will also
<br /> 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
<br /> Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions
<br /> associated with the work and to repair any damage to public property or infrastructure that is caused by the
<br /> work (including planning, engineering, or legal consultant review)associated with building permit#2015-
<br /> 01193 if compliance with the approved building permit is not accomplished.
<br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will
<br /> in turn send a bi�l to the Owners. Owners shall be responsible for payment to the City within 30 days of the
<br /> Owners' receipt of bill.
<br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make
<br /> payment to the City within the timeframe outlined in�i3 above, shall issue a Stop Work Order until the Owners
<br /> pay ali expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval
<br /> of the Owners tv reimburse the City for eligible expenses the City has incurred.
<br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to
<br /> #he Owners when all requirements related to the project are complete. City Staff shall review the terms of
<br /> � this escrow agreement two times per year to determine whether the requirements of the project have been
<br /> ' successfully completed and whether it is appropriate to return the funds. Owner may also request the
<br /> � retease of the funds, and such funds shall be released upon City Staff receiving the appropriate verification
<br /> that a{I requirements of the project have been successfully completed.
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<br /> �' 155441 Page 1 of 2
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