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4 r r <br /> OUR OFFICE WILL BE CLOSED: Wednesday,November 11,2015 <br /> BUILDING PERMIT ESCROW AGREEMENT <br /> rOrono Building Permit*2015-01418 <br /> AGREEMENT made this 1 (0 day of k)°\,/ ,20 l 4 by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation("City')and Mark Strasser("Owners") <br /> Recitals <br /> 1. A building permit application has been filed for a deck and front stoop addition located at <br /> 830 Windjammer Lane the("Subject Property'), legally described as Lot 5, Block 1, Pirates Cove, Hennepin <br /> County Minnesota. <br /> 2. Owners request 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 Owners 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 /> Owners 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 a x2015-01418 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 Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above,shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to a Y3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any,shall be returned to the <br /> Owners when the review has been completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,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 /> subject property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY: CITY OF I•'r OW E <br /> By: ,. LS <br /> Its: •i\ <br /> mitvif' <br /> Internet Use Only: D Original to Planning U Copy to'Property Owner 11 <br /> Copy tit Sleet Flle <br />