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� r <br /> , , BUILDIN� PERMIT ESCROW AGREEMENT <br /> Orono B�ilding Permit# <br /> AGREEMENT made this da�y of , 20_, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation (°City") � ("Owners"). <br /> � Recitals <br /> 1. A building peJrmit application has been filed a <br /> located at the ("Subject Property"), legally <br /> described as <br /> 2. Owners request the City to r�view this application. <br /> 3. The City will commence its �heview of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to erhsure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE'AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW �,UNDS. 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. T I e purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incu�ed (including planning, enqineerinq, in excess of $500, or legal <br /> consultant review) or will incur in reviewing he plan. Eligible expenses shall be consistent with�expenses the <br /> Owners would be responsible for under a build�ng permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs the City h�as incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan and ithe provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to eliminate ar�y hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with building �iermit # if compliance with the approved <br /> building permit is not accomplished. <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'receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESC�OW ACCOUNT. In the event that the Owners do not make payment to <br /> the City within the timeframe outlined in #3 abo,e, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to#3. The City may draw from�he escrow account without further approval of the Owners to reimburse <br /> the City for eligible expenses the City has incurre . <br /> 5. CLOSING ESCROW. The Bal�nce on deposit in the escrow,if any,shall be returned to the Owners <br /> when all requirements related to the project are�omplete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the r�quirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appdopriate verification that all requirements of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAID CHARGES If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escr w, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415. 1 and 366.012. <br /> CITY: CITY OF ORONO pW <br /> By. � <br /> Its: <br /> Intema�.Use Only; O Origlnal ta Pfanni�g <O Copy to Property Owner `' 17 Copy ta Street File <br /> Last Updated: January 2016 <br />