2015-00140 - escrow fee - Laserfiche WebLink

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��fdl��.iTl�t� �'��I�'#2015-�0126 ��ROiD�/�GRE�A�EMT AGREEMENT made this�day of YJ �.. 20 �5 , by and belween the CITY OF aRONO, a Minnssota m�nicipal carporatian("City")and John&Ja�in Brooks(°Owners'). FtecitaEs 1. An appfir,ation ror a demolition permit has been fiied for demolition of the existing principal structure located at 860 Ferndale Road West{"5ubject Property"}iegally described on at�ached Exhibit"A". 2. In conjunction with the demofition, erosion controi measures ars required as shown on attached E�chibit"B". NOW,THER.EOPRE,THE PAI�'IES AGREE fi� F4LLOWS: 1. DEPOSIT OF ESCROW FUNDS. Cantemporaneously with the execution of this Escrow Agreemetit, the Owners shall deposit 52,�00 with the City. Alf accrued interest, if any, shall be paid ta tt�e City to r,eimburse the City for i�ts cost in administering the escrow accaunt. 2. PURPOSE OF ESCRflW. The purpose of the escrow is ta guarantee reEmbursement to the City for alf out-of-podcet costs(including pianning, engineering, or legal consultant review)the Cit�r has incurred to assure that the erosion corrtrol msasures are instaAed and maintained so the property complies with the provisions of Oronp City Code Chapter 79. The financia! security may aiso be used by the City to eliminata any hazardous conditions assoaatecf with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished within the ailowabfe time period,the City may bring the project into compliance by use oi the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, sts agents, employees, officers and contractors the right to enter the property ko pertprm all work and inspections deamed appropriate by the City in conjunction with the required erosian cat�trol measures, ir�cluding but not limiked to e.onstr�c�ng or completing any and all of the agreed upon improvements should the Owners' contractor not complete those impravements by the date specified herein. 3. MONTHLY BILLINC3. As the City receives consultarrt bilis for incurred costs, the City will in turn send a bill to the Owners. Owners shal! be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBUR3EMENT FROM E3CROW ACC�UNT. In the event that the Owners do not make paymerrt to the City within the timeframe outlined in#3 above, shall issue a Stap Work Order ur�#il the Owners pay a(I expenses invoiced pursuant to #3. The City may draw from the escraw accourrt without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW, Any remaining amount of the financial security deposited with the City for fa�thf+�l pertormance of the plans and speafications and any related remedial work will be released after the completion and inspection of all such measures and ihe establishment of final stabilization for the Subject Property. City Statf shall review the terms of this escraw agreement two times per year to determine whether the requirements of the pro}ect have been successfully carr�pEeted and vv1�►ether it is apptopriate to return the funds. Owner may also request the relesse of the funds, arx! such funds shail be reieased upon City Staff raceiving the appropriate verificabon that all requi�emerit�s ot the project have been successfully completed. 6. CERTIFY UNPAID CliARGES. If the projeet is abandoned by Owners, or if tite eligible expenses incu�red the City excead tha amount in escrrnv, the City shall have q�e right ta certify the wpaid balance to the subj prope pursuant to Minn. Stat.§§41 b.01 and 366.012. CITY; CI €3W E S: By:_ ___ � � _ _�...._. Its: — ______ � ��t�srat�l[s'�CA�y> �C�E��axl to�fi��e rt�� t��a#l� _� � _�_ ___ _._.__.�.. 150784