2012-00850 - escrow fee - Laserfiche WebLink

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WETLAND BUFFER ESTABLISHMENT ESCROW AGREEMENT � Perm't#2012-00728 AGREEMENT made this Z$ day of '� , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Lynn &Anders Myhran ("Owners"). Recitals 1. A building permit application has been filed for an addition/remodel at 2280 Fox Street the ("Subject Property"), legally described as Lot 2, Block 1, Bill Kelley's Land First Division, Hennepin County, Minnesota. 2. The City has reviewed and approved this application. 3. The scope of the project which is the subject of building permit #2012-00728 triggers the application of the City's wetland buffer requirement as established by City Zoning Code Article XI Wetlands Protection 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 costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $5,000 with the City. All accrued interest, if any, shali be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee the establishment and development of the required native wetland buffer and to reimburse the City for all out-of-pocket costs the City has incurred (including planning, engineering or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for as part of the establishment of the wetland buffer. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred associated with permit #2012-00728 if compliance with the wetland buffer establishment is not accomplished. 3. MONTHLY 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 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 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. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the review has been completed, the native wetland buffer established and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by �ers, or if the eligible expenses incurr�-by the City exceed the amount in escrow, the City shall have the righ o aertify the unpaid balance to the subj"ect pro�rty pursuant to Minn. Stat. §§415.01 and 366.012. ' ; , CITY OFA� Q `0 OW�E �� �-""_' / , � 4 �__ , By: � _ _ ,' �, Its: � � �.�.` -_ �� / �__, Internal Use Onty: G Original toPlanning �Gvpyto'Property Owner D Copy#o Street Flle