2012 - 00633 - escrow fee - Laserfiche WebLink

Home Browse Search

BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit#2012-00582 AGREEMENT made this ' day of ;T , 20,, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and '.1 'atvt) 144 t t(r1,64 /MGolaz,I ("Owner"). Recitals c75 tot 1 ' A building permit application has been filed for construction of a new residence located at 296& baei, the ("Subject Property"), legally described as: The West 225 feet of the East 645 feet of the South 415.6 feet of the Southeast Quarter of the Southwest Quarter of Section 33, Township 118 North, Range 23 West of the 5th Principal Meridian, Hennepin County Minnesota. 2. Owner requests the City to review this application. 3. The City will commence its review of the application and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owner shall deposit $600 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owner would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with building permit #2012-00582 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shall notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as directed by the City, or the City shall discontinue review and post a Stop Work Order. 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owner when the review has been completed and written notification is received from the Owner requesting the funds. 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subj- •rop- y pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CI • : •RO • OWNER: By: By: \‘ C),JV\ Q"Ck`'Y Its: it ♦I By: intern-at Use Only :: t7 Qnginai to Finance[)apartment �, "..? �; 8