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l . , . �I �mlV <br /> . <br /> BUILDING PERMIT ESGROW AGREEMENT <br /> �' o <br /> AGREEMENT made this�day of_ , 20��, by and between the <br /> ClTY OF ORONO, a Minnesota municipal corporation ("C� y") and Darere C. Marhula ("Owner"). <br /> Recitals <br /> 1. Owner has filed an Application for a building permit formally requesting the City to review <br /> plans for a new principal strucfiure located at 2100 Shadywood Raad the "Subject Property", as <br /> more fully shown below: <br /> Lot 30, Block 1, W1�EY'S PARK, LAKE M(NNETONKA, except that part <br /> thereof lying northwesterly of a line drawn northeasterly frorn the most <br /> westerly comer of said lot to the shore af Lake Minnetonka, which line <br /> forms an angle of 80 degrees 36 minutes with the southwesterly line of <br /> said lot, at the most westerly camer of said lot, Nennepin County, <br /> Minnesota. <br /> 2. Owner requests the City to review said plans which reguires City approval inctuding <br /> grading. <br /> 3. The City will commence its review af the application and incur costs associated with said <br /> review only if the Owner esfiablishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLL�WS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the 4wner shall deposit $2,500 with the City. AI! accrued interest, if any, shall be paid to <br /> the City to reimburse the City for its cosf in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to <br /> the City far all out-of-pocket costs the City has incurred (including planning, engineering, in excess of <br /> $500, or legal cansultant review) or wifE incur in reviewing the plan. Eligible expenses shal! be <br /> consistent with expenses the Owner would be responsible for under a zoning and subdi�ision <br /> application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City <br /> will in turn send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days <br /> of fhe Owner's receipt of bill. <br /> 4, DISBURSEMENT FROM ESCROW ACCOUNT, In the event thaf the Owner does not <br /> make payment to the City within the timeframe outlined in#3 above, the City may draw from the escrow <br /> account without further approval of the Owner to reimburse the City for Eligible expenses the City has <br /> incurred. The City shall notify the Owner the Owner of such draw and the nature of the expense for <br /> which the reimbursement is being made, If the Escrow amount falls below 75% of the original escrow <br /> amount the Owner shall deposit additional surns as directed by the City, or the City shall discontinue <br /> review and post a Stop Work Order. <br />