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20NING PERMIT ESCROW AGREEMENT <br /> Permit# �1 I — UU�'�I t� <br /> AGREEMENT made this I✓��day of l�,ra, , 20�, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and C1�wdt � �.?e�bar�a.k T�,�oL.�,,, ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for a zoning permit for a property located at <br /> 13So �Qosf�.•,tG�r. the ("Subject Property"), legally described as <br /> Hennepin County Minnesota. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application and inci�r costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the�ity'of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with �l1e execution Af this Escrow <br /> Agreement, the Owners shall deposit $Z,�DD with the City. A�I,accrued interest,Tif,>.any, sh�ll`be paid to the <br /> City to reimburse the City for its cost in administering the.escrow account. <br /> 2. PURPOSE OF ESCROW. The pur�e of the e��crow istaguarantee r.,eimbursement to the City <br /> for all out-of-pocket costs the City'has incurred (inclui3ir�g;,planning,s�ngineerirxg,or le�.��lrconsultant review) or will <br /> incur in reviewing the plan. Eligible expenses shall be c�nsistent with expenses�a�:�vners would be responsible <br /> for under a zoning permit application. The �scrow will alsp�,�ua�;�ntee reimbursernent to the City for all out-of- <br /> pocket costs the City has incurred to assure°th�#�:the work-`'#s.=eompleted in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions ofu�orr���ity Cod��hapter 79. The financial security may also be <br /> used by the City to eliminate any hazardous coRciition�_associated�rvith the work and to repair any damage to <br /> public property or infrastructure t ` {�as caused b � wur'�;�(includin��planning, engineering, or legal consultant <br /> review) associated with permit� �t�l--.���� .;.if cor�tpliance with the approved zoning permit is not <br /> accomplished. ;,� ,, <br /> � <br /> 3. MONT�!lLLY�ILLING As��he City re�efires consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners.` s'Owners shall be responsibtE��ar payment to the City within 30 days of the Owners' <br /> receipt of bill. .�; . =1 <br /> 4 �_:ff�SBURSEM��IJT FRQM��'�ROW'�4CCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe�utlined=in#3 abc�u�, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pu�uant to #3. The C ��ay draw from the escrow account without further approval of the Owners to <br /> reimburse the��ity for el�ible expen es the Ciry has incurred. <br /> � <br /> 5. CL`O�ING E�ROW, The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owners when the review has be8n completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY i;11�iPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> su ' erty pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: O O OW <br /> By: ���i�u�/�- ��i�✓ <br /> Its: , .c �C.. <br />