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E � <br /> BUILDING PERMIT ESCROW AGREEMENT �,��1`(�,�.C� ���,�`'' <br /> Orono Building Permit# ?�13 —�(QQr3 4' �� _ Z� <br /> AGREEMENT made this_�ay of 1 , 20 i�, by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation("City")and t�; L Wl ("Owners"). <br /> Recitals <br /> 1. A ' g permit application has been filed for �h �J located at <br /> 0 e("Subject Property"), legally described as , Hennepin <br /> County Minne ota. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review only if the <br /> Owner establishes an escrow 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 Agreement, the <br /> Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its <br /> cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred(including planning, engineering, in excess of$500, or legal consultant review) or <br /> will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for <br /> under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs <br /> the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan <br /> and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any <br /> hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused <br /> #y th � (including planning, engineering, or legal consultant review) associated with building permit <br /> � if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum send a <br /> bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 abov�, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owners <br /> when the review has been completed and written notification is received from the Owners requesting the funds. <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 escrow, the City shall have the right to certify�he unpaid balance to the subject <br /> property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY• I OF ORANO O R: <br /> By: , <br /> �ts: I� <br /> tntemal Use Dnly; :G(3rigin�l to:finance Department �Copyto Street'file <br /> Padcet Last Updated: 0329/13 <br /> Page 21 of 21 <br />