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BUILDING PERMIT#2091-01033 & DEMOLITION PERMIT#2Q11- /D <br /> ESCRQW AGREEMEN� <br /> AGREEMENT mad¢this�day of_��_�20�, by and between the CI3Y OF ORClt�O: <br /> a Minnesota municipal corporation ( ity°} and Mike & Peg Sowada{"Ownnrs�). <br /> Recitals <br /> 1. A demolition and building permit appiication has been fiied for demoliti�n af garage and <br /> construction of an attached garage located at 725 Ferndafe Road North the (`�Subject Praperty"), legally <br /> described as, see E�ibit A. <br /> 2. Owners request the City fo review this application. <br /> 3. The City wili commence i�s review of the appfication and incur c�sts associated wikh said review <br /> oniy it the Owner establishes an escrow to ensure reimbursement ta fhe City of its costs. <br /> NOW THEREFCIRE,THE PARTIES AGREE AS FOLLflWS: <br /> 1. QEPOSIT OF ESCRUW FUAlDS. Contemporaneously with the execution of this �scrow <br /> Agreement, the Owners shall depasit$2,60Q witn the City. All accrued interest, if any, sha[I be paid to the City to <br /> reimburse the City for its cast in administering the escrow accc�unt. <br /> 2. PURPOSE OF ESCRf�W. The purpos� of the escrow is to guarant�e reimbursement to the City <br /> for ali out-of-pocket costs the City has incurred (including planning, engineering, in excess of $50Q, or legai <br /> consultant review} ar will incur in reviewing the ptan. Eligible expenses shall be cansistent wrth expenses the <br /> Owners would be responsible far under a bu�iding petmit applicaYion. �he escrow will alsv guarantee <br /> reimbursement to the City for all out-of-packet casts the City has incurred to assure that the work is completed in <br /> accordance with th� Stormwater Pollutian Prevention Plan and the pravisions of Orono City Cade Chapter 79. <br /> The financial security may also be used by the Cify to eliminate any hazardous conditions associated with the <br /> work and to repair any darnage to pubiic property or infrastructure that is caused by the work (including pEanning, <br /> engineering, or legal consult nt review) associated with building permit #2Q11-01033 & <br /> demolition permit#2011- /�S� if compliance with the approved demolition and buiEding permit is not <br /> accomplished. � <br /> 3. MaNTHLY BILLiMG. As the City receives cansultant bills#or incurred costs, the City will in turn <br /> send a bill ta the Owners. Owners shall be responsibie for payment to the City within 30 days of the Ow�ers' <br /> racaipt of bil1. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event fihat the Owners do not make payment <br /> ta the City within the timeframe autlined in#3 above, shall issue a Stop Worfc Order until the Owners pay all expenses <br /> invai�ed pursuant to #3. The City may draw from the escrow account without further approvaf of the Owners to <br /> reirnburse the Gity for eligible exp�nses the City has ir�curred_ <br /> 5. CLOSING ESCR�W. The Balance on deposit in th� escrow. if any, shalf be returned to the <br /> Owners when the review has been completed and written notificafion is receirred fr�m the Owne�s requesting the <br /> funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escmw,the City shall haue the right to certify t}ie unpaid bafance to the <br /> sub� perty pursuant to Minn. Stat. §§415.0'€ and 366_012. <br /> CITY: CI NO C}WNER: � <br /> � � <br /> �- �� �q ' � � °��.- <br /> By: � <br /> .i <br /> ItS: i'i�� �t. �L,�.'.��:> <br /> ,. <br /> . ��������'�..��'�9�r�1��-�'l�i�►�~x__4>..�'�'��t��`_R��Y�'�+e±?'}'��..aa_ ��QP���a��rest�,.w�. <br /> �.. ..,�� r. <br /> � ,� `�i(e <br /> � <br />