2015-00029 - escrow fee - Laserfiche WebLink

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AQREEMENT made this�day�,��-� , 20 C 5, by and between the C11Y OF ORONO, a Minnesota municipai corporation (`City")Kenneth &Nadine Washuta("Owners"). � i. A building permit application has been filed a new singie family home and detached aocessory structure located at 3926 Cherry Avenue the ('Subject Property"), legally described as Lot 12 and 13, Block 5, Crystal Bay Yew, Hennepin County, Minnesota. 2. Owners request the City to review this application. 3. The City will commence its review of the application and incUr costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its oosts. � NOW THEREFORE,THE PARTIES A�3REE A8 FOLLOWS: 1. DEPOSR OF ESCROW FUNDS. Contemporaneousty with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to refmburse the City for its cost in administering the es�row account Z. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all aut-of-pocket costs the City has incurred {including planning, ertoln�eninn In excess ot i500. or legal consultant review) or will incur in reviewing #he ptan. Eligible expenses shall be consistent with expenses the Owr►ers would be responsible for under a building permit application. The escrow wiU also guarantee reimbursemeM to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordanoe with the Stormwater Pollution PreveMion Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous oonditions 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 buildMp psRnit i'1014-01447 if compliance with the approved building permit is not accomplished. 3. MONTHLY BIWNti. As the City receives consultant bills #or incurred costs, the City will in tum send a bill to the Owners. Owners shall be responsibie for payment to the City within 30 days of the Owners' receipt of bill. 4. D188UR8EMENT FRON ESCROW ACCOUNT. 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 Oumers pay all expenses invoiced pursuant to #3. The City may draw trom the escrow account without fuRher approval of the Ownars to reimburse the City for eligible expenses the City has i�cuned. 5. CLOSING ESCROW. The Balance on deposit in the escrow, i� any, sha�l be retumed to the Owners when all requirements related to the pnoject are complete. City Staff shall review the terms of this escrow agreement two times per year �o determine whether fhe requirements of the project have been su�sfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff reoeiving the appropriate verification that all requirements of the project have been suocessfuily completed. a. CERTIFY UNPAID CHAR�iE8. If the projec�is abandoned by Owners,or if the eligible expenses incumed by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subjec�property pursuant to Minn. Stat §§415.01 and 3fi6.012. CITY:.CITY OF ORONO O . gy: ' � l'� � ��l�'�I�,�� Its: I I��l �'� ��u'"►o"'c-. � - ._ - _ �- � � ,. _� . , , � �. � �� � � . . � � � . .�� " ��