2015-01456 - escrow fee - Laserfiche WebLink

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'� � BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit# a?�7/S-l3��/ AGREEMENT made this �O��y of /�O �0�.�, by and between the CITY OF ORONO, a Minaesota municipal corporation("City")and - — ("Owners°). . Recita 1. A building ertnit application has been filed for �fl(�f1�(4��itl; �O�' �C�� Iocated at � he ("Subject Propert�'), legally described as LO 2 T,t, ^ Ct..v 2. Owners request the City to review this application which requires City approval and may require consultant legal and/or engineering review. , 3. The City witl commence its review of 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 the execution of this Escrow�qreement, the 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 cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is#o guarantee reimbursement to the City for all out-0f-pocket costs the City has incurred(including planning,engineering, in excess of$500,or legal consultant review) or will incur in reviewing the ptan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is compteted in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security may also be used by the City to eliminate any hazardous conditions associated w�h the work and to repair any damage to public properky or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with building permit # 20/S -��f51 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurced costs,the Gity will in tum send a bill to the Owners. Owners shali be responsible for p�yment to the City within 30 days of the Owners' receipt of bill. �4. DISBURSEMENT FROM ESCROW ACCOUNT. In the everrt that the Owners do not make payment to the City within the timeirame outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuarrt to#3. The City may draw from the escrow account without further approva)of the Owners to reimburse the City for eligible expenses the Cit�r has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been sucoessfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow,the City shall have the right to certify the unpaid balance to the subject prope ant to ' Stat.§§415.01 and 366.012. CITY: f OWN : BY= Its: na(9. C�Qt,�� 1 tr�'�et�tl,�6i�111y. ' °-i��g�tu��+3�t�R��ir�illi�lt � .`'�' ��'s�t��a Packet Last UpdaGsd: August 2015 Page 23