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BUILdING PERNiiT ESCROW AGREEMENT <br /> Orono Buitding Permit #2013-00047 <br /> AGFtFEMENT made this�day of I� 1't . 20 ,��7, by and between the CITY OF ORa1V0, <br /> a Minnesota municipal co;poration('City"}and Denny& Amand Walst� ,°�wners"1 <br /> Recitals <br /> 1 �1 buifding permit application has been 4iled for a d��k lacated at 1354 Rest Point Circle th� <br /> ("Sub�ect Property"), legally describesi as Lot 11, Subdiv�sion of Lot 14 Rest Po1nt Park. Lake Minnetonka and Lot <br /> 13, 8ubdivislan of Lot 14 Rest Point Park Lake Minrtetonka, Hennepin County Minnesota. <br /> 2 Owners request the CRy to revEewthis app{��ation <br /> 3. The City�nrtfi commence its review of the application and incur costs associa'ted w�th said review <br /> only�f the Owner establishes an escrc�w to ensure reimbursement ta the CRy of Its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. QEPf}SIT OF ESCR�W FUNDS. Contemporaneausly with the executEon af this Escrow <br /> Agreement. the �wners shali deposit$2,50Q with the City A!i accrued interest, it any, shall be paid to the Gity to <br /> reimburse the City far its cost in administering the eserow account <br /> 2. PURPOSE OF ESCROW. The p�rposa of the escrow is ta guarantee reimbursement to the �ity <br /> for ail out-of-packet costs the City has incurred f including planning, engmeeri�g, m excess of �50Q, or legal <br /> consultarrt reviewj or will incu� �n reviewmg the plan Eiigible expenses shall be consrstent YJlth expenses the <br /> Owners would be resp�nsible for undar a building permit apR6cation The escrow w�ll also guarantee <br /> reimbursement to the City for all out-af-pocket costs the City has mcurred to assure that the work is completecl in <br /> accordance �nnth the Stormwater Polfution Prevention P1an and the prov�sions af Orono;City Code Chapter 79 <br /> The financial security may also be used by the C�ty to el�minate any hazardous conditians associated with the <br /> work and to rep8ir any damage to pubfic property or mfrastructure that rs caused ny the w�rk r rnciudmq planning, <br /> engmeering or legal cansultant review) associated unth building permit """`" �""" ` --�-'•--�-, .-'� the <br /> approved auilding permiE is not accomplished /�J"I� �� <br /> 3. MONTHLY BILLING. As the City recaives consultant bills l urn <br /> send a bill to the bwners Owners shall be responsibke for payment ta t ^ I ^ �� �r�.' <br /> receipt of bill G y� <br /> l <br /> 4. DISBURSEMENT FROM ESCROW ACCOUMT. In the ev�r �ert <br /> ta the City with�n the timeframe outlined in#3 akmve, shali issue 2 Stap Work ses <br /> invoiced pursuant to #3 The Glty may draw from the escrow account wit a te <br /> re�mburse the City for eiigibfe expenses the City has incurred <br /> 5. CLOSING ESCROW. The Balance on deposlt in the e� the <br /> Owners when the revlew has been completed and written notificatinn is re� the <br /> funds <br /> 6. CERTfFY UNPAiD CHARGES. If the pro�ect is abandoned by Owners, or if the ellgible expenses <br /> incurred by the City exceed the amoun4 in escrow, the Gity shall have the nghf to certify the unpaid baiance to the <br /> sub�ect property pursuant to Minn Stai §t 415.01 and 386.012. <br /> GITY�CITY OF ORONO OW(�R ^ , � <br /> a � � 'V'� � �, �`�-��..�=- �� <br /> v <br /> �� � ,,�° � ,- <br /> f . <br /> lts , : i_ . a- .�` . , <br /> _J <br /> tnternal Use Onfy: G Originat to Plannfng O Copy ta Property Owner p Copy Eo St�eet Flle <br />