2014-01460 - escrow tied to 2014-01422

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� - �+ BUILDING PER ESCROW AGREEMENT ono Bull 'n P rm #2014 14 AGREEMENT made thi a of ��V , 20 , nd between the CITY OF ORONO Y , a Minnesota municipal corporation ("City°)William Wolfson ("Owners"). Recitals 1. A building permit application has been filed an addition located at 3399 Crystal Bay Road the ("Subject Property"), legally described as All that part of Lot 18, "Wallace's Addition To The Village of Minnetonka Beach" lying East of ihe West 10 feet of Lot 18 except that part of said Lot 18 /ying Northeasterly of a line described as beginning at the most Easferly corner of said Lot 18;thence Northwesterly through a point described as follows: Commencing at said most EasteNy corner;thence Northwesterly a/ong the Northeasterly line of said Lot 18 a distance of 175 feet;thence def/ecting left 90 degrees a distance of 5 feet to said point. 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. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$700 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 reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, enoineerina. 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 apptication. 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 bu(Iding permlt #2014-01422 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 retumed to the Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses inc he City exceed the amount in escrow, the City shall have the right to cert' n id balance to the s ject prope y p�suant to Minn. Stat.§§415.01 and 366.012. CITY: C ORO O/�,.- OWNER:. By: its: - -�. � g �. r. x �� .....: . � .... .. � � .� :. .. �.. . � .. �_. . ,��.,. �4 . ,.�:;.�. .. �.��....w�� _ �. � . , . �_