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. � _, , I <br /> . �- � • I <br /> � <br /> BU�LDING PERMIT ESCROW AGREEMENT <br /> Or no Building Permit# <br /> AGREEMENT made this day of , 20 , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation Gity") ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed a <br /> 5�'►h-�- � loo located at aSoo S�cb_yw+o� {�., the ("Subject Property"), legally <br /> described as F.�as),w�� "��L�,,, C'.��� <br /> 2. Owners request the City to review this application. <br /> 3. The City will commer�ce its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escro�uv 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 ha� incurred (including planning, enpineerinq,�in excess of $500, or legal <br /> consultant review) or will incur in rev�ewing the plan. Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a building permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs th�e City has incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to elimirhate any hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastru�ture that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with building permit # 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 shalllbe responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBURSEMENT FROI� ESCROW ACCOUNT. In the event that the Owners do not make payment to <br /> 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 dr�w from the escrow account without further approval of the Owners to reimburse <br /> the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. �'he Balance on deposit in the escrow, if any,shall be returned to the Owners <br /> when all requirements related to the proj�ct are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine wheth r the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the fu�ds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate 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 iin 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: CITY OF ORONO OW <br /> ;' <br /> gy: � <br /> �ts: ,� � <br /> Internal Use Only: ;�Originat t�Pfianning' G Copy#o Property Owner ` 'Q Cnpyta S�reef File <br /> Last Updated: January 2016 i <br />