2016-01576 - escrow - Laserfiche WebLink

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� _s„ BUILDtNG P�RMIT ESCRQW AGAEEMEMT Orono Bui[ding Permtt� oZD/Lr-D/ 7.5 AGREENIENT made this ZZ�tlay of � , 20�by and betwee�ifie CITY OF ORONO, a Minnesota municipai c�tporafion(°C�y"� 3'o�N G 1�,�lAni j't?wnecs"). Recitais 1, A building permit applicatian has been filed a tocated at ,�Q S�r�c+� r�Ua�,e �"Subjecf Property°), �e9auy des�n�ed as o�s �d- �{ I ccK t O SA G A H 1�.L RE v i s�� , 2. Owners request the City to review this appiication. 3. The City will commence its review of the application and incur costs essociated with said review oNy if the Owner estabtishes�n escrow fo ensure reimbu[sement to the City of ifs costs. NQYV THEREFQRE,T#tE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF E3CROW FUNDS. Confemporaneousiy with the execution of this Escrow Agreement,the Owners shall deposit$2,500 with the City. Ali accrued inferss#, if any, shali be paid to the City to reimburse the City for its cost in administerirrg the�scrow acoount. 2. PURPOSE OF ESCROW. The purpose of the escrow is ta guarantee reimbursement fo the City for ap out-ofi poeket costs the City has 'incurred �including planning, enalneerfna, in �xcess of �5� or legaf cansuftant reviewj or will incur in rev�wing the plah, Eligi�le exp�nses:shall be consisterrt with expense� the Owners would be responsible for under a buiiding permit application.The escrow witl afso guarantee reimbursernent to the City for ail out-af-pocket costs the Cit�r has ictcurred to assure tha�the v►�ait is co�npleted in ac�ordance with the Stormwater Pollution Ptevention Plan and fhe provisions of Orono City Code Chapt�r 79.The financiat securi#y may also be used by the City to eliminate any haz�rdous conditions assoCiated:with #he work arttl to repair any damage to publie praperty �r infrastnarr�ure that is caused b}►the vvork {inciuding planning, engineering, or legal e�nsuliant review3 associated uvith building permit#_�b/!o-O/57S if compliance with the approved buiiding permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bilis f�incu�red costs, the City w�ll in turn send a biil to the Owners. Owners sh�1!be respansible fo�payment to the City wi�hin 30 days of the Owners'rec�ipt. of bill. 4. DISBiJRSEMENT FROAA ESCROW ACGOUNT. In the event that the Owners do not make paymer�t to #he City within the timeframe oudined in�ki above, shaU issue a Stop Wotk Order until th� C3v�mers pay all expertses invofced�rsuant to�,3. The City may draw from the sscvvw account without fiMtser approva!of the Ovmers to reimburse the Cityr fot eligible expenses the Cfty has Incurred. 5. CLOSING ESCRQW. The Bafance on deposit in the escrow,if any,shall be returned to the Owners when all requirements relate�to the projsct are cflmptete. City Staff shall review the terms of this escrow agreement two'�mes p�r year to tletermine whethe�tF►e fequirerr�nts of the project have:1�en 5uccessfully complsted and whether it is appropriate to return the funds. Owner may also re�uest the telease rt►f the funds,and sucF�funds shall be �eleased upon Gity Staff receiving the appropriate verification that a1f requirements of the project have been successfuqy c�mpleted. 6. CERTlF�'UNPA#D CHARGE$. If the praj�t is aban ed by�wners, or if the eligible expenses - incurred by the City�xceed the amount in es+crow, the City shall havQ h ' ht to certify the unpaid balance ta the subject property pursuant to Minn,5ta�.§§415.01 anr1;366.012. CITY: CITY OF ORONC! pyy By: �t�: . � ��.��' �.'��.�'� ��!.�� ;,�� .�� . � �, �.�. Lasf Ilptlatsd: January 20i6