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BUILDING PERMIT ESCROW AGREEMENT
<br /> Orono Building Permit #2012-00582
<br /> AGF•_EMENT made this ' day of J vt(y , 201Z, by and between the CITY OF ORONO,
<br /> a Minnesota :iunicipal corporation ("City") and- ,iat.vt1, 4(roil/ tq ifk)iEc1 .i.li(0 OL N-6,1-- ("Owner").
<br /> Recitals
<br /> \Akar 1 e►rck A building permit application has been filed for construction of a new residence located at a29 0�
<br /> Weterttown Road, the ("Subject Property"), legally described as: The West 225 feet of the East 645 feet of the
<br /> South 415.6 feet of the Southeast Quarter of the Southwest Quarter of Section 33, Township 118 North, Range
<br /> 23 West of the 5th Principal Meridian, Hennepin County Minnesota.
<br /> 2. Owner requests 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 reimbursement 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 Owner shall deposit $600 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, engineering, 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 /> Owner would be responsible for under a building permit application. The escrow 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 /> accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City 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 work (including planning,
<br /> engineering, or legal consultant review) associated with building permit #2012-00582 if compliance with the
<br /> approved building permit is not accomplished.
<br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn
<br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt
<br /> of bill.
<br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make
<br /> payment to the City within the timeframe outlined in#3 above, the City may draw from the escrow account without
<br /> further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shall
<br /> notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being
<br /> made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional
<br /> sums as directed by the City, or the City shall discontinue review and post a Stop Work Order.
<br /> 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the
<br /> Owner when the review has been completed and written notification is received from the Owner requesting the
<br /> funds.
<br /> 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 /> subjeet prop ty pursuant to Minn. Stat. §§415.01 and 366.012.
<br /> CITY: CI -.OR cc OWNER: �j
<br /> By: `— By: \\.,�� CJ,aV\\ COAqk,
<br /> Its: C(-r3? vi - -4-- By:
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