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, <br /> . <br /> ESCROW AGREEMENT <br /> AGREEMENT made this day of October 2008, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and Timothy Pellizzer,owner("Owner") <br /> of 520 North Arm, Orono (Lot 3 Block l, Victoria Estates, Hennepin County, Minnesota) <br /> ("Property"). <br /> Recitals <br /> A. Owner is having a new house constructed on the Property that will trigger a <br /> requirement for improvement of the buffer for a wetland on the property. <br /> B. The City is requiring a security agreement to guarantee this improvement is <br /> completed successfully. <br /> C. Owner has agreed to complete this work before a final certificate of occupancy is <br /> issued and to provide financial security for the completion of the items cited above <br /> by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from Owner, sufficient to protect the City from potential damages and <br /> noncompliance with the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of <br /> this Escrow Agreement, the Owner shall deposit $4,800 with the City. All accrued <br /> interest, if any, shall be paid to the City to reimburse the City for its cost in administering <br /> the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> buffer required as part of building permit number 2008-00142 is improved in accord with <br /> the plan attached as Exhibit A and that any vegetation that does not establish successfully <br /> is replaced. A planting is deemed successful if there is at least one native plant from the <br /> seed mix per square foot in the seeded area. Areas where the planting is not successful <br /> shall be reseeded by the end of the growing season. The funds shall be spent by the City if <br /> Owner for any reason is unable or unwilling to honor the requirements of the City Code. <br /> Construction costs may also include engineering estimates and plans as well as labor and <br /> materials for any repairs or matters completed. <br /> 1 of 2 <br />