2015-01480 - escrow fee - Laserfiche WebLink

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TEMPORARY CERTIFICATE OF OCCUPANCY E3CROW AGREEMENT Orono Building Permft#201401447 AGREEMENT made this�day of��J. , 20,.j�, by and between the CITY OF ORONO,a Minnesota municipal corporation ("Cit�')and Kenneth 8 Nadirw Washuta("Owners'). RecNals 1. Construction of the new residence located at 3926 Cherry Avenue, the ("Subject Property'), legally described as Lot 12 and 13, Block 5, Crystal Bay View, Hennepfn County�1111nnesota,is the subject of building permit application number#2014-01447 has been completed. 2. Winter conditions currently prohibit completion of exterior improvements,final grading,and vegetation establishment. An as-built survey cannot be accurately conducted at this time. 3. Owners request the City issue a temporary certificate of occupancy("TCO")to the Owners so that the Owners may occupy the new residence. � 4. The City will issue a TCO only if the Owners establish an escrow to ensure compCetion of ' exterior improvements, continuation of erosion control and submittal of an as-built survey to the City. � v NOW THEREFORE,THE PARTIE8 AC�REE AS FOLLOWS: 1. DEPOSR OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shall deposit i10,000 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. PURP03E OF ESCROW. The purpose of the escrow is to assure completion of any exterior improvements, final grading, establishment of vegetation as well as guarantee reimbursement to the City for all out-of-pocket costs the City has incurred(including planning,engineering, in excesa 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 a building permit application. 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 Pollut+on 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 woric and to repair any damage to public property or inftastructure that is causec�by the work(including planning,engineering, or legal consuRant review) associated with bullding permlt#2014- 01447 if compliance with the approved building permit is not accompiished. 3. MONTFILY BILLING. As the City receives consultant bills for incurred costs,the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACC�UNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSINCi ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfulfy completed and whether it is appropriate to retum the funds. Owner may also request the relsase of the funds,and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully completed. 155441