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� BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# 0��/5�l3/t/S/ <br /> AGREEMENT made this �d��y of /1�0 l�Yr�0��, by and beiween the CITY OF ORONO, a <br /> Minnesota municipal corporation("City")and - � ("Owners"). <br /> Recital <br /> 1. A building rmit application has been filed for ��7(Lll�l���{tl, �Ot.�r �Lt� located at <br /> '� he ("Subject Property"), legally described as <br /> �0 2 rJ Z(, — Ct..v <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consultant legal and/or engineering review. . <br /> 3. The City witl commence its review of the application and incur costs associated with said review only if <br /> the 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, <br /> the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City <br /> 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 for all <br /> out-0f-pocket costs the City has incurred(including planning,engineering, in excess of$500,or legal consultant review) <br /> or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible <br /> for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocicet <br /> costs the Ci#y has incurred to assure that the work is completed in accordance with the Storrnwater Pollution Prevention <br /> Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate <br /> any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is <br /> caused by the work (including planning, engineering, or legal consultant review) associated with building permit <br /> # 20!� -N�f51 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 turn send a <br /> bill to the Owners. Owners shali be responsible for payment to the Ciry within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the everrt that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, 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 Cit�r has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and whether <br /> it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall be released <br /> upon City Staff receiving the appropriate verification that all requirements of the project have been succc�ssfully <br /> 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 escrow,the City shall have the right to certify the unpaid balance to the subject <br /> prope ant to ' Stat.§§415.01 and 366.012. <br /> CITY: F OWN : <br /> By: <br /> its: %�- c�tot,r— (,�v� <br /> Intemal Use Onty: 0 Original rq Finance Department G Copy to Street Fite <br /> Packet Last Updeted: August 2015 <br /> Page 23 <br />