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r + <br /> BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit#201400695 <br /> Varlance#14-3665 <br /> AGREEMENT made this �� day of c�c�Q.� . 20�, by and between the CITY OF ORONO, <br /> a Minnesota municipai corporation ("City")Ororao Woodl�ds, Inc.j"Owners'). <br /> Recitals <br /> 1. A building permit application has been filed for a garage and enclosed breezeway located at <br /> 2100 Sbcth Avenue North the("Subject Property"), legally described as Lot 2, Block 1, Phillips Woodland Terrace <br /> 2nd Addition, Hennepin County, Minnesota. <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 ensure reimbursemerrt to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Corrtemporaneously with the execution af 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 esca�ow is to guarantee reimbursement to the City <br /> for all out-of-podcet costs the City has incurred (including planning, engineering, in excess of $500, or legal <br /> consultant revievn� or will incur in reviewing the plan. Eligible expenses shall be consisterrt with expenses the <br /> Owners would be responsible for under a building permit application. The escro�w will also guarantee <br /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in <br /> accorclance with the Stormwater Pollution Prevention Plan and the provisions of Orono Ciry Code Chapter 79. <br /> The financial security may also be used by the City to eliminate any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the woric(including planning, <br /> engineering, or legal consultant review)associated with building permlt#2014-00685 and variance#74-3665 if <br /> compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consuftant bills for incurred costs, the City will in tum <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make paymeM <br /> to 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 draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owners when atl requirements related to the proje�t are complete. City Staff shall review the terms of this escrow <br /> agreement two times per year to determine whether the requirements of the project have been successfully <br /> completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, w 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 property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO O ER: <br /> By: <br /> Its: � �, <br />