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DEMO, BUILDING PERMIT AND WETLAND BUFFER ESTABLISHMENT ESCROW AGREEMENT Orono Building Permit#s 2011-00977 and 2011-01003 AGREEMENT made this ZS day of , 20 T/��/� by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and,k_Li a.�s Y<<L�bu.�S ("Owners"). Recitals 1. A building permit application has been filed for a building permit located at 840 Old Crystal Bay Road South, the ("Subject Property"), legally described as the South 226.8 feet of the North 391.8 feet of the West 60 Rods of the Northeast Quarter of Section 9, Township 117, Range 23, Hennepin County Minnesota. 2. Owners request 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 escrow to ensure reimbursement to the City of its costs. 4. The scope of the project which is the subject of building permit #2011-01003 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 $5,500 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. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee the establishment and development of the required native wetland buffer and reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application and 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 to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work 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 building permit #2011-01003 if compliance with the approved building permit and 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 and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid bala•ce t. the su• -c p ••erty pursuant to Minn. Stat. §§415.01 and 366.012. CITY ' ,�( OF •.c c 1 O ER: By: IWi, gr . Its: . :!►u —.��' a _ Internal use File