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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# c )i -GY.)d <br /> AGREEMENT made this .3 day of ktx) , 20 \ by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City") and �1.- ,. , A,..3�v. C �..,�.J ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for 1Ja,. � ' Ati � \�, � located at <br /> Z rho � � - . - , the ("Subect Prose Si").legally described as <br /> tron <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consultant legal and/or engineering review. <br /> 3. The City will commence its review of the application and incur costs associated with said review only if <br /> 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 Agreement, <br /> the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City <br /> 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 for all <br /> out-of-pocket costs the City has incurred (including planning, engineering, in excess of$500, or legal consultant review) <br /> or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible <br /> for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket <br /> costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention <br /> Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate <br /> any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is <br /> caused by the work (including planning, engineering, or legal consultant review) associated with building permit <br /> #12P142-00,3a7 if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a <br /> bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> • 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and whether <br /> it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be released <br /> upon City Staff receiving the appropriate verification that all requirements of the project have been successfully <br /> completed. <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 subject <br /> property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: <br /> By: CIA4_A6, <br /> Its:P�f\V\ RUSItrd <br /> internal Use Only: 0 Original to Finance Department 0 Copy to Street File <br /> Packet Last Updated: August 2015 <br /> Page 23 <br />