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i <br /> � i <br /> � - • BUILDING PERAAIT ESCROW AGREEAAENT , <br /> Orono BuElding Permit #2011-d1554 • j <br /> AGREEMENT made this �.b day of � , 20(�, by and between the CITY OF ORONO, � <br /> a Minnesota municPpal corporation("City')and Bnba-S J( �c-z{�� (°pwners^), � <br /> � Recitals <br /> 1. A building permit appiication has been flled for an addition to the home located at 2900 Deer Run <br /> Trall, the (`Subject Property"), legally describ� as Lot 8, Blodc 4, Old Crystal bay Road Addition, Hennepin ; <br /> County Minnesota. <br /> 2. Owners request the City to review this application. <br /> 3. The City witl commence its rev+ew of the appiication and incur casts associated with said review <br /> onfy if the Owner establishes an escrow to ensure reimbursemerrt to the City of fts c�sts. , <br /> NOW THEREF�RE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSR OF ESCROW FUNDS. Contemporaneously wfth the execution of this Escrow ; <br /> Agreement,the Owners shall de�sit$2,500 with the City, Ali accnied Irrterest, if any, shaU be pai�to the City to <br /> , reimburse the City for its cost in administering the escrow acx�unt. � <br /> f <br /> 2. PURPOSE OF ESCROW. The purpose o�f the escxow is to guarantee reimbursemer�t to the City ' <br /> far aA out-of-pocket costs the City has incurced (induding planning, en8ineering, in excess of $500, or le{�al � <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent wtth expenses the <br /> Ovwiers would be responsible for under a building permit appiication. The escxow wiil also guarantee <br /> reimbursemenf to fhe City for all out-of-podcet costs the City I�as inc��rred to assure that tEie worlc is completed In <br /> accordance with the Sto�mwater Pollution Prevention Pian and the provisions of Orono City Code Chapter 78. <br /> The financial security may also be used by the City to eliminabe any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the work(induding planning, <br /> engineering, or legal consultant review) associated with buildfng permit #2011-01�54 if compliance with the <br /> approved bui(ding permit is not accomplished. <br /> 3. MONTHLY BILLIIdG. As the City receives consuRarrt bills far incurred casts, the City will in tum ; <br /> send a bill to the Owners. Owners shaH be responsible for payment to the City within 30 days af the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCAUNT. In the event that the Owners do nat make payment <br /> �to the City withln the 8meframe outiined in#3 above,shall issue a Stop Work Order until the Owners pay alt expenses � <br /> Involced pursuant b� #3. The qty mey draw from the esp�r account wlthout further approvai of the Owners to � <br /> reimburse the City for eligible expenses the Gty has incurced. <br /> 5. CLOSING ESCROW. The Bafance an deposit in the escxow, if any, shal! be retumed to #he <br /> Owners when the review has been completed and written notification is reoeived from the Owners requesting the � <br /> funds. <br /> 6. CERTIFY UNPAfD CHARGES. If the project is abandoned by Owners, a if the eligible expenses , <br /> incurred by the C9ty exceed the amount in escxow, the City shail have the right to certify the unpaid balanoe to tf�e <br /> subject property pursuant to Minn.Stat.§§415.01 and 386.012. <br /> CITY: C F OR O OWPEER: i <br /> C� � <br /> �y: � <br /> � � <br /> its: ' ���. ��t� � <br />