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01/428/23 16:51 763424 1901 iI ACI ASPHALT CONTRACTORS { #0663 P. 001/001 BUILDING PERMIT ESCROW AGREEMENT W 490S Orono Building Permit#2012.01191 and ��, � I' Demolition Permit#2012-00988 AGR EMENT Made this 64 day of"C`04 2011, by and between the CITY OF ORONO, a Minnesota municipal corporation("City")and James Bebo "Owners"). RecitaLq 1. A b�ilding pdrmit application has been filed for a new principal structure located at 1065 Tonkawa Road the.("Subject Property"), legally described as The Northwesterly 128.21 feet of Lot 6, measured by right angas fro ' the northwesterly line thereof, Auditor's Subdivision Number 217, Hennepin County Minnesota. i 2. Own xrs request the City to review this application. 3. The �Ityill mmnce its review of the application and incur costs associated with said review i only if the Olneres blis es n escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, MII PARTIES AGREE AS FOLLOWS: DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, tie Own rs shall deposit an additional $500, for a total of$2,500 to be held by the City. All accrued interest, if any, shall paid to the City to reimburse the City for its cost in administering the escrow account. 2. PU POSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for Sli out-of-pocket sts the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) c , will incur i reviewing the plan. Eligible expenses shall be consistent with expenses the Owners w041d be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all ut-of-pocket costs the City has incurred to assure that the work is completed in accordance with th Stormwater'Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial, secur' may also be used by the City to eliminate any hazardous conditions associated with the work and to repair a y damage tq public property or infrastructure that is caused by the work(including planning, engineering, or lega consultant review) associated with building permit #2012.01191 and demolition permit #2012-00988 if com liance with the approved building permit is not accomplished. 9. MO HLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DIS URSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City foi eligible expenses the City has incurred. 5. CL SING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the iew has been completed and written notification is received from the Owners requesting the funds. 6. CE TIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City xceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pu uant to Minn. Stat. §§415.01 and 366.012. CITY: ITY OF NO 0eEf` By: , i Its: