Wetland escrow refund - Laserfiche WebLink

Home Browse Search

ESCROW AGREEMENT o��,e�.� AGR�EMENT made tllis 2^� day of�2006, between tlle CITY OF ORONO, a Minnesota mui�icipal corporation ("City") and Gregory S. I-Iattgen & Cynthia M, Haugen, husband 1nd wife ("Property Owners"). Recitals A, The Property Owners own the land located at 3320 Fox Street, Orono, legally described as Lot 5, Block 1, Fullerton Estates, Hennepin County, Minnesota (the "Property"), B. T11e Pi•operty Owners will be making alterations to the Property for an in-ground pool that will include creating buffers far the wetlands on the Property. C. The City is requiring a security agreement to guarantee the required revegetation of the buffer is successful. D. The Property Owners have agreed to provide financial security foi•the completion of the items cited above by entering into this Escrow Agreement. L. The City has detei-�nined that this Escrow Agreement constihrtes adequate assurances from Properly Owners, sufficient to protect the City from potential damages and noncompliance with the City Code. NOW,THEI2�FORE,THE PARTIES AGIZEE AS FOLLOWS: 1. DEPOSIT OF �S�CI�f�VV FUNDS. Co�;temp�raneously with the e�ecution of this Esci•ow Agi-eement, the Property Owners sh111 de}�osit $1,900 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. PURPOSL OF �SCROW. The ��urpose of the escrow is to guarantee that the seeding of the buffer required as part of Resolution No. 5476 is completed properly and that any vegetation thlt does not establish successfully is replaced. A planting is deemed successful if there is �t least one native ��lani fi�om the seeci mia per square foot in the seeded �r•ea. nreas where lhe planting is not successfiil shall be re-seeded by ihe end of the growing season. "I'he funds shall be spent by the Ciiy if for any reason the Property Owners are uilable OI' 1111WIII111� t0 honot• the 1'�C]L11T0111C1115 of the City Code and any