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, • .. <br /> � � � BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# <br /> AGREEMENT made this day of , 20_, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("Cit�') ("Owners"). <br /> Recitals <br /> 1. A building p�lrmit application has been filed a <br /> � located at the ("Subject Propert�'), legally <br /> described as , <br /> 2. Owners request 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�nsure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGRE�AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW 'FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$2,5d0 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administeri�g the escrow account. <br /> 2. PURPOSE OF ESCROW.iThe purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has inqurred (including planning, en�►ineerin�r, in excess of 5500, or legal <br /> consultant review) or will incur in reviewi g the plan. Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a b Iding permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs the Ci has incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan ahd the provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to eliminate lany hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastructur$ that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with buildir►�g 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 shall be fesponsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. � <br /> 4. DISBURSEMENT FROM E�CROW ACCOUNT. In the event that the Owners do not make payment to <br /> the Ciry 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 f�om the escrow account without further approval of the Owners to reimburse <br /> the City for eligible expenses the Ciry has indurred. <br /> 5. CLOSING ESCROW. Th Balance on deposit in the escrow,if any,shall be returned to the Owners <br /> when all requirements related to the projec are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether he requirements of the project have been successfully completed and <br /> whether it is appropriate to return the fund . 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 CHAF�GES. 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 pr ert pursuant to Minn. Stat.§ 415.01 and 366.012. <br /> CITY• C F ORO OWNER: <br /> By: <br /> its: <br /> IM.r�,a�use o�ly: �ort�tna�� Mn9 �copr to Propsrer a� �coar to strwt Flk <br /> Last Updated: January 2016 <br /> � <br />