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� � ` BUILDING PERMIT ESCROW AGREEMENT <br /> ' - � Orono Building Permit# a20��bl��� -D/�� a - O!Sl 8� <br /> AGREEMENT made this��day of , 20� , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ('City") and ("Owners"). <br /> Recitals 6 7� b 7�677 fqhq�f/��C��, <br /> 1. A building permit application has been filed for ,�� 7 located at <br /> S � �/��,�he� ("Subject Property"), legally described as <br /> Hennepir7County Minnesota. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurced (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewi�g the plan. Eligible expenses shall be consistent witM�xpenses the <br /> Owners would be responsible for under a building permit application. The escrow will also� guarantee <br /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is co pleted in <br /> accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code C t 79. <br /> The financial security may also be used by the City to eliminate any hazardous cond�ions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the work (including planning, <br /> engineering, or legal consultant review) associated with building permit # �i,�-o�y��oif compliance with <br /> the approved building permit is not accomplished. adi St-Di�f� <br /> ao��-�� s�F�C <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when the review has been completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY UNPAtD 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 /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: OF �ONO OWNER: � <br /> sy: �� t �L C <br /> �ts: _ ,� <br /> it�mal Use�nly: G Original to Finance De�rtmen! � opy to Street File <br />