2010-00475 - escrow fee - Laserfiche WebLink

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, 1 BUILDING PERMIT ESCROW AGREEMENT � q AGREEMENT made this�day of , 20n I, by and between the CITY OF ORONO, a Minnesota rnunicipal corporation ("C' y") and Daren C. Marhula (°Owner°). Recitals 1. Owner has filed an Application for a building permit formally requesting the City to review plans for a new principal structure located at 21�0 Shadywood Road the "Subject Property", as more fully shown below: Lot 30, Block 1, W1LEY'S PARK, LAKE MINNETONKA, except that part thereof lying northwesterly of a line drawn northeasterfy from the most westerly comer of said lot to the shore of Lake Minnetonka, which line forms an angle of 80 degrees 36 minutes with the southwesterly tine of said lot, at the most westerly carner of said lot, Hennepin County, Minnesota. 2. Owner requests the City to review said pfans which requires City approval including grading. 3. The City will commence its review af the application and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with fhe execution of this Escrow Agreement, the �wner shall deposit $2,50Q with the City. AIE accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal cansultant review) or wil( incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owner would be responsible for under a zoning and subdivision application. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum send a bill to the Owner. Owrier shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 4. DISBURSEMENT FROM ESCR�3W ACCOUNT. In the event that the Owner does not make payment to the City wi�hin the timeframe outlined in#3 above, the City may draw from the escrow account without further approval of the Owner to reimburse the City for Eligible expenses the C�y has incurred. The City shall notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being made, If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as directed by the City, or the City shall discontinue review and post a Stop Work Order.