RESO 25-028 - Approving Establishment of a Fire Escrow AccountRESOLUTION NO. 25-028
A RESOLUTION ESTABLISHING A FIRE ESCROW ACCOUNT PURSUANT TO
Minn. Stat. § 65A.50
WHEREAS, the City of Golden Valley (the “City”) finds that damaged structures
may violate existing health or safety standards which endanger the public health, safety,
and welfare if the damaged structures are not repaired, replaced, or removed ; and
WHEREAS, Minn. Stat. § 65A.50 (the ”Statute”) authorizes a city to establish a
trust or escrow account to receive a portion of insurance settlement proceeds from a claim
on real property located in the city that is damaged by fire or explosion ; and
WHEREAS, the proceeds received by the City are used as security to ensure that
the damaged property is repaired, replaced, removed, or demolished and broug ht into
compliance with the city code.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF GOLDEN VALLEY, MINNESOTA that this Council authorizes and adopts as follows:
1. That pursuant to Minn. Stat. § 65A.50, the City Council of Golden Valley does
hereby establish an escrow account to receive a portion of insured real property
fire or explosion settlement proceeds as prescribed by the statute.
2. That the City intends to uniformly apply Minn. Stat. § 65A.50 with respect to all
property located within the City.
3. That City staff are hereby authorized to proceed to establish the escrow account
as provided for in the statute.
4. That the City Fire Marshal give the required written notification to the commissioner
of Commerce of the City’s intention to apply Minn. Stat. § 65A.50 and establish the
escrow account.
5. That the City Fire Marshal, Building Official, and Deputy Fire Marshal are
authorized to receive reasonable proof that damaged or destroyed portions of an
insured structure are repaired, replaced, or removed or that an insured has entered
into a contract for repair, replacement, or removal of the damaged portions as
required by Minn. Stat. § 65A.50, subd. 3.
6. That the City Fire Marshal, Building Official, and Deputy Fire Marsal are authorized
to receive reasonable proof that damaged or destroyed portions of an insured
structure are repaired, replaced, or removed of that an insured has entered into a
contract for repair, replacement, or removal of the damaged portions as required
by Minn. Stat. § 65A.50, subd. 8.
Docusign Envelope ID: 764C2F58-4476-4D6E-8A9E-FC1F39ECF469
Resolution No. 25-028 April 15, 2025
Passed and adopted by the City Council of the City of Golden Valley, Minnesota this 15th
day of April, 2025.
____________________________
Roslyn Harmon, Mayor
Attested:
____________________
Theresa Schyma, City Clerk
Docusign Envelope ID: 764C2F58-4476-4D6E-8A9E-FC1F39ECF469