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, - <br /> BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit lf2043-00047 <br /> AGREEMENT made this�day of 1� 20� by and between the CITY OF ORONO, <br /> a Minnesata municipal corporation("City"}and Denny 8 Amand Walsh("Owners") <br /> Recitals <br /> 1 A building perm� application has been filed for a deck located at 1354 Rest Point Circte the <br /> {�Sub�ect Property"}, legally described as Lot 11, Subdivision of Lot 14 Rest Point Park, Lake Minnetonka and Lot <br /> 13, Subdivision of Lot 14 Rest Poitrt Park, Lake Minnetonka, Hennepin County Minnesota. <br /> 2 Ownecs request the City to revEewthts applic�ation <br /> 3. The City wifl commence its revisw of the apptication and mcur costs assoaated with said revfew <br /> only if the Clwner establishes an escrow to ensure reimbursemeM to the City of its casts. <br /> NdW 7HEREFORE,THE P'ARTIES AGREE AS FOLLOWS: <br /> 1. QEPOSIT OF ESCROW FUNDS. Contemporaneousfy with the executton af this Escrow <br /> /�greemer�t,the Owners shaU deposit$2,500 with the City. A!I accrued lnterest, if any, shatl be paid to the City to <br /> reimburse the City for its cost in administenng the escrow acGount <br /> 2. PURP05E OF ESCROW. The purpose of the escrow�s to guarantee reimbursemerrt to the City <br /> for all aut-of-pocket costs the City has incurred (includmg planning, engineering, in excess of $500, or legal <br /> consuttant review) or will incur in reviewing the plsn Eligible expenses shalt be consistent with exp�nses the <br /> Ownens would be responsible for under � building permit application. The escrow will atsa guarantee <br /> reimbursement to the Ciry for afl oat-of-pocket costs the City has incurred to assure that the work is complet� in <br /> accordance with the Stormwrater Polfution Prevention Ptan and the prov�sions of OronoYGity Cade Chapter 79. <br /> The frnancial security may also be used by the City to eliminate any hazardous condit�ans assoaated with the <br /> work and to repair any damage to publ�c p�operty or Infrastructure that�s caused by the wo�k finGuding p{anning, <br /> erigineering, or tegal consultant review) assoclated wtth building permif#2D'l3-00047 if compliance with the <br /> approved building permit is not accamptished. <br /> 3. MONTHLY BtL1.tNG. As the City rec:eives cortsultant bills far mcuRed costs, the City will in tum <br /> send a bilt to the Ov+mers. OwrteFS shall be responsibie tar paymerrt ta the City within 30 days of the Owriers' <br /> receipt af bill <br /> ; <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. fn the event that the Owners do not make payment <br /> ta the Ciry wnthin the�meframe outfined m#3 above, shall Issue a Stap Work CJrder untii the Owners pay aN expenses <br /> invoiced pursuant to #3. The City may drew from the escrowf account without further approvat ot the Owners to <br /> re�mburse the City for eligible expenses the Gty has mcurred. <br /> 5. CL�SING ESCROIIV. The Balance on depos�t in the escrow, if any, shall be retumed to the <br /> Owners when the revi�vv has beer� campleted and written not�cation is received from the Owners requesting the <br /> funds <br /> 6. GERTIFY UNPAtD CHq�iGES. If the project is aDandened by Owners, or if the sligible expenses <br /> mcurred by the City exceed the amount in escrow, the City shall have the nght to certify the unpaid baiance to the <br /> sub�ect property pursuarrt to Minn Stat g§415.01 and 366.012. <br /> ClTY: CITY OF ORONO OW R:,�,, <br /> e � � ��� �7�.�--�`��/ <br /> Y � •_ <br /> 7 �-1 �' �' "�-- '��-i:�..-..z/--�' �--. <br /> Its ���� � � � <br /> hmenuii Use Only: G Originai ta Pisnnlnq �Copy to Pnsperty t3�vner O Copy to 8trset Flle <br />