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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit#2009-00727 <br /> 2009 <br /> AGREEMENT made this '� day of November, , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and Charles and Emily Kelley ("Owner"). <br /> Recitals <br /> 1. Building permit applications have been filed for an addition to the principal structure located at <br /> 2720 White Oak Circle the ("Subject Property"), legally described as Tract G, Registered Land Survey No. 1447, <br /> files of the Registrar of Titles, 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 $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, 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 #2009-00727 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, o _ e eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to ce unpaid balance to the <br /> subject • ••= y pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CIT •F"ORONO OWN <br /> By: By. <br /> Its: 1. z f~l/a 1 <br /> Internal;,Use Oil p Cii to Strget File <br /> ._1Y. ,sr._.4--f ..:��Orrg:�nalto;FinancevDepartment, , PY <br />