2013-00708 - escrow fee - Laserfiche WebLink

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TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building Permit#2013-00100(&/Demolition Permit#2013-00101) AGREEMENT made this a7' day of J14.4" , 2013, b and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and vIY\t I jte KRynOld$ ("Owners"). Recitals 1. Construction of the new residence located at 665 Orchard Park Road, the ("Subject Property"), legally described as: The North 20.0 rods of the South 30.0 rods of the Southeast Quarter of the Northeast Quarter of the Northeast Quarter of Section 31, Township 118 North, Range 23 West of the 5th Principal Meridian, Hennepin County, Minnesota, is the subject of Building Permit application number #2013-00100 has been completed. 2. Rain and wet weather conditions currently prohibit full completion of exterior improvements, final grading, and vegetation establishment. An as-built survey cannot be accurately conducted at this time. 3. Owners request the City issue a temporary certificate of occupancy ("TCO") to the Owners so that the Owners may occupy the new residence. 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of exterior improvements, continuation of erosion control and submittal of an as-built survey to the City. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $10,000 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 assure completion of any exterior improvements, final grading, establishment of vegetation as well as guarantee 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. 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 #2013-00100 (& Demolition Permit #2013-00101) 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 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. 155441