HomeMy WebLinkAboutbuffer improvement escrow agreement- >` . _ ��� ( G 1 �I �
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Builders Development 8. Finance, Inc.
1907 East Wayzata Blvd., Suite 150, P.O. Box 637, Wayzata, MN 55391 (952) 473-8511 TELEFAX (952) 473-1219
HAND DELIVERED
2-Jun-08
Ms. Evelyn Turner, City Planner
City of Orono
Dear Ms. Turner,
Enclosed per your equest please find a Buffer Improvement Escrow Agreement and a check in the amount of
$4,000 to the City of Orono pursuant to your request.
I believe that this should complete all necessary items in order to receive a certificate of occupancy for
2175 Kenwood Way. I would appreciate it if you could email me a copy of the Certificate of Occupancy
prior to Wednesday, June 4th to facilitate our closing.
Thank you for your cooperation in this matter.
BUILDERS DEVELOPMENT& FINANCE, INC.
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Bill Keenan
President
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BUFFER IMPROVEMENT
ESCROW AGREEMENT
AGREEMENT made this�- day of�� , 2008, by and between the CITY OF
ORONO, a Minnesota municipal corporation ("City") and , ("Depositor"� _ ,
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Recitals
A. Depositor has assumed responsibility for completing the house at 2175 Kenwood
Way, Orono (PIN 17-117-23-41-0035) including improving the buffer for a
wetland on the property.
B. The City is requiring a security agreement to guarantee the required improvement
of the buffer is successful.
C. The City has determined that this Escrow Agreement constitutes adequate
assurances from Depositor, sufficient to protect the City from noncompliance with
the City Code.
NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS:
1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the issuance of
this agreement, the Depositor shall deposit $4,000 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 guarantee that the
improvement of the buffer required as part of permit number � �-] is completed
properly and that any vegetation that does not establish successfully is replaced. A
planting is deemed successful if there is at least one native plant from the seed mix per
square foot in the seeded area.
3. REQUIRED IMPROVEMENTS. The required improvement are those on the
plan attached as Exhibit A.
4. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or knows
of any matter cited above that is not completed correctly and in a timely fashion, it shall first
make demand of Depositor to make any necessary corrections ar to take other prudent
remedial measures within a 5 day time period or, if reseeding is required, within an
appropriate time. If Depositor is unwilling or unable to honor its ageement as determined
by the City, the City may draw from the Escrow Account, as necessary. The remedies
afforded to the City under this agreement shall be in addition to any other remedies which
the City may be entitled by law or equity or other agreement.
5. CLOSING ESCROW. The escrow, less any eligible expenses, shall be returned
to the Depositor two growing seasons after planting if the planting is successful. If
substantial portions of the plantings are not successful after one planting season the City
may hold the escrow for an additional planting season. If substantial portions of the
plantings are not successful after two planting seasons the City may hold the escrow for
two additional planting seasons.
CITY OF ORONO
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