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�+ BUILDING PERMIT ESCROW AGREEMENT <br /> � Orono Building Permit# aD/�b!,/�/� -D/y�� a - p�yL 8 .� <br /> AGREEMENT made this��day of , 20� , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and i s ("Owners"). <br /> Recita�s 6' 7� b 7��77 satip�f'/7f�CG'i`, <br /> �. building permit application has been filed for ,��J� located at <br /> S ("Subject Property"), legally described as <br /> Hennepi County 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 incurred (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with�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�apter 79. <br /> The financial security may also be used by the City to eliminate any hazardous conditions 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 #_�/5<-o�f�'pff compliance with <br /> the approved building permit is not accomplished. a���-D���� <br /> ae.�-o� s���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. CERTtFY UNPAID 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: I OF �ONO OWNER: <br /> By� �� � t L�C <br /> �ts: <br /> � <br /> Internal Use Only: G Original to Finance Department G opy to Street File <br /> ! I <br />