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Item 14 <br /> To: Chair Thiesse and Planning Commission Members <br /> Doug Reeder, City Administrator yF <br /> c, <br /> r44-ESHOV-t <br /> From: Jeremy Barnhart, Community Development Director <br /> Date: March 20, 2017 <br /> Subject: #17-3921, City of Orono,Text Amendment: Escrow Agreements and financial <br /> guarantees <br /> Public Hearing <br /> Application Summary: The draft ordinance proposes changes to financial guarantees for site <br /> plans, and the escrow agreement requirement for as-built. <br /> Staff Recommendation: Planning Department Staff recommends approval of the ordinance as <br /> drafted. <br /> Background <br /> Requirements related to the escrow and escrow agreement process was the 7th highest priority <br /> item in last fall's review of the ordinance list. <br /> The goal of this ordinance is to remove unnecessary government processes, and reducing <br /> barriers to commercial and industrial investment and reinvestment. <br /> Escrows are commonly required for projects to guarantee their completion, maintenance of <br /> erosion control measures, ensure the site is stabilized post construction,and consultant fees are <br /> paid. Authority to collect escrows is provided in sections 75 and 79 of the city code. When <br /> Orono requires an escrow,an escrow agreement is also required. The agreement stipulates <br /> what the escrow will be used for. While not unique to Orono, other cities handle this issue <br /> through a statement on their building permit/land use application. The escrow agreements <br /> requires the signature of the property owner;this adds a step to the review/completeness <br /> verification process. <br /> Section 2 of the ordinance mirrors changes proposed in case number 17-3920, it keeps the <br /> requirement that an as built is necessary prior to occupancy. <br /> City Code also requires provision of financial security equal to 125%of the cost of improvements <br /> for site plans (commercial and industrial projects). This unnecessary. It implies that the city <br /> would complete construction of a project. Section 1 strikes this section entirely. <br /> Public Comments <br /> To date, no public comments have been received. <br /> Issues for Consideration <br /> 1. Is the proposed ordinance appropriate given its goals? <br />