2010-00428 - land alteration - Laserfiche WebLink

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. / LAND ALTERATION PERMIT ESCROW AGREEMENT Orono Permit#2010-00428 AGREEMENT made this t��' day of �v.h , 2010 , by and between the CITY OF ORONO, a Minnesota municipal corporation ("Cit y°) and_ ��M .z t�'5;,�(i (°Owners"). Recitals 1. A permit application has been filed for land alterations in order to conect a failed lake yard slope located at 1331 North Arm Drive the ("Subject Property"), legally described as Lots 4 & 5, Block 7, Saga Hill Revised, Hennepin County M[nnesota. 2• Owner requests 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 eserow to ensure reimbursement to the City of its costs. NOW THEREFORE,7HE PARTIES AGRE�AS FOL.LOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,000 with the City. Atl accrued interest, if any, shall 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 reimbursemertt to the City for all out-of-packet costs the City has incuRed (includmg planning, engineering, in excess of $500, or legal consultant reuiew� or �nrill incur in reviewing the plan. Eligible expenses shall be eonsistent with expenses the Qwners would be responsible for under a land use permit application. The escrow will also guarantee reimbursement ta the City for afl out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions af Orono City Code Chapte� 79. The financial securit� may also be used by the City to eliminate any hazardous conditions associated with the wark 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 land alteration permit#201Q-00428 if compliance with the approved building permit 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 �SCROW ACCOUNT. In the event that the Owners do nat make payment to the City within the timeframe outtined 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 and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by O�tvners, or if the eligible expenses incucred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject pro erty pursuant ta Minn. Stat. §§415.01 and 366.012. CITY: 'GITY F NER: t By: r--- \'� Its: ,.�.