2016-00018 - escrow fee - Laserfiche WebLink

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DEMOLfT10N PERMIT ��—��t� ESCROilFI ACREEMEMT AGREEMENT made this 1��'�iay ot I�.��,�,ber , 2b� by and between the CIT1f OF ORGNO, a Mi�nesota municipat corporation("Gity^}and Gr� St��.f�l("Owners".�•• N0f'WL S�fQ- I'��0� 1��k- � s�hu.�vi-e� 1. An ,application for a demcslitian perrrtii has been filed tor'�. 1/1,11 �� located at �� l�{0 SVIAYf� �Y. ("Subject Property") legaity described as (� Z�i �31DCKt. Sf G�Cl/1 �i I�� -C�.I�"�(�Y'�... 2. in conjunction with #he demolition, erosion control measures are regui�ed as shown on attached �xhibit"B". NOW,THEREOFRE,THE PARTiES AGREE AS FOLLOWS: 1. OEP�SIT OF ESCROW FUNDS. Contemporaneousiy with the execution of this Escro�Agreement, the Owners shaH deposit$2.500 with the City. AI! accrued mterest, if any, shaU be paid to the City to reimburse the Gity for ifs cost in administering ttte escrow accou�t. 2. PURPOSE OF ESGROW. The purpose af the escrow±s to guarantee reimbursement to the City far all out-of-pocket costs(including pianning,engineering, or legal consuftant review)the Ci#y has incurred to assure that the erosion control measures are instaHed and maintained so the property cornplies witt�the provisions of Orono City Cade Ghapter 79. Tha financial security may also be used by the City to eliminate any hazardous conditions associated wiEh the work and to repair any damage to pubiic properiy ar infrsstnacture that is caused by the wark. If compliance wiih the approved Land Oisturbance Permit is not accomplished within the allowab{�time periad, the City may bring the prc�ject into compfiance by use af the securiry. 3, FtIGHT flF ENTRY. The Owners hereby grant the City, its agents, employ�es, o�cers and cont�actors the right to enter the property to perform all wo�ic a�d inspectians deemed a�propriate by ttte City in ccmjunction with the required erosion control measures, induding but not iimited to canstructing or camplefing any and alt af ths agreed upon improvertients shauld the Owners' contractaf noi camplete tt►ose improvements by the dale specified herein. 3. MONTHLY BIl.IING. As the City receives consultant bilis for incxtrred costs, #he City will in tum s+8nd a bill to the Owners. Owners shall be responsib(e far payment to the City within 30 days of the Owners' receipt of biif. 4. DISBURSEMENT FROM ESCROW ACC4UNT. tn the event that the Owners do not make payment to the City within the timeframe ouNined in#3 above, shatl issue a Stop Work Order until 1he Owners pay aH expenses invoiced pursuant to #3. The City may draw fram the escrow account without fiurther approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. C�OSIfVG E3CROW. Any remai�ing amount of the financial security deposited w't11i the City for faithful performance of the pfans and specificatinns and any retaied remedial work wi!! be refeased after !he compietion and inspection oi all such measures and the estabtishment of final stabilization for the Subject Property, C+ty Siaff shaU review the terrns�f ihis escrow agreement two times per year to determine whether the requirements of#he prajecE have been successfully campieted and wfiether fit is appropriaEe to retum the funds. Uwner may also reGuest the release a# the funds, and such funds shail be re4eased upan City Staff receivi�g the appropriate verification that aH req�irements of the praject haue been successfully completed. fi, CERTIfY UNRAtD CHARGES. tf the project is abandoned by Owrters, ar if the etigible ejcpenses incurred by the City exceed the amount in e�crow, the City shall have the right to certity the unpaid balance to the subject property pursuant to M'snn.Stat.§§415.Qi and 366.U12. CITY: 1T'Y OF N� OWNERS: gY: � �L� � �ts: ��j�l- , /�,�—' � laterae�l lise Onlv: �Originsl te Fin�ce t)epartment G C y ta Stree�t FUe Form Lasl Updafed: January 2Qi5 i�i)i8�7