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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# 2r_�1�1 �L'�C���r✓ <br /> AGREEMENT made this�day f 20�, by and between the CITY OF ORONO, <br /> a Minnesota municipal cc `��n ("City") "Owners"). <br /> Recitals <br /> 1. A pplication has �' been filed a <br /> �c 1c1 i -F'i ZrY1 . �i�3$(? .S i��'the ("Subject Property"), legally <br /> described as �ne <br /> �.�_�,,�;�� <br /> 2. C �v.�' , s application. <br /> ��; ..-�" <br /> 3. The City wiu .. � �f the application and incur costs associated with said review <br /> only if the Owner establishes an es��_ eimbursement 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 <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 escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, en_qineerinq, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a building permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan and the provisions of Orono Citv�'��'� Chapter 79.The financial security <br /> may also be used by the City to eliminate any hazardn��� �- ' d with the work and to repair any <br /> damage to public property or infraGtr��^}•� ig planning, engineering, or legal <br /> consultant review) associatec if compliance with the approved <br /> building permit is not accompi ^ <br /> �m� f�� <br /> 3. MONTHLY BI v ;urred costs, the City will in turn <br /> send a bill to the Owners. Own � n 30 days of the Owners'receipt <br /> of bill. ; . ,,;^�,j <br /> � � ��h,y <br /> 4. DISBURSEME� � � � Owners do not make payment to <br /> the City within the timeframe out� �" � � il the Owners pay all expenses <br /> invoiced pursuant to#3. The City i oval of the Owners to reimburse <br /> the City for eligible expenses the C � <br /> 5. CLOSING ESCR ; �all be returned to the Owners <br /> when all requirements related to th � -ms of this escrow agreement <br /> two times per year to determine � ti , successfully completed and <br /> whether it is appropriate to return ti ` �funds,and such funds shall <br /> be released upon City Staff recei� ts of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAID .,��.,►rcGES. 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 property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OW R: <br /> By: .... <br /> Its: <br /> lnternal Use Only: �Original to plannirrg �Copy to Property Owner �Copy to Street File <br /> Last Updated: January 2016 <br />