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ESCROW AGREEMENT Land Use Appiication#15 3773,Demolitlon Permit#2015-01994& Building Pemnit#2015-01193 AGREEMENT made this,�day of_�G�"o�r . 2015� by and between the CITY OF ORONO,s Minnesata municipal corpora�on ("City'�and Steven Elliott("Owners°). Recitals 1. A building permit application has been filed for a land use appiicatton, demoliUon permit_and building permit located at 1400 Baldur Pa�ic Road the(°Subject Pro�rty°), legalty descn'bed as Lot 15, Block 1, Baldur Park,Hennepin Cour�ty,Minhesota. 2. Owners request the Cily to review the appGcations. 3. The City will commence its revlew of the applicatlons and incur�associated with said review only if the Ovmer establishes an escrow to ensure reimbursemer�t to the City of its r.osts. NOW THEREFORE,THE PARTIES AQREE AS FOLLOWS: � 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow qqreement,the Owners shall de�sit$2,500 witi�the City. Aq accrued interest�if any, shall be paid to the City to relmburse the C(ty for its cost in administeting the escrow acxount. 2. PURPOSE OF ESCROW.The purpose of the escrow is to guarantee reimbursement to the City for all out-af-pocket costs the City has incurred (including p�lanning� engineering, ln exc.�ss of $500� or legal consuitant reviewj or will incu� in reviewing the plan. Ellgible expenses shall be consistent with e�enses the Oumers would be responsible for under a buiiding permR applica�lon.The escrow will also guarantee reimbursement to�e City for all out-�f-pocket costs the City has incurred to assure that the work is completed in acxordance wlthh the Stormwater Poilu�lon Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security may also 6e used by the City to elimtnate any hazardous condi�ons associated with the work and to repair any damage to public property or Infrastructure that is caused by the work (induding planning, engineering, or legal consultant review)associatet�with building permit�095-09993 if compliance with the approved building pem�(t is not accomplished. 3. MONTHLY BILLING. As the City receives cansuitant bills for incurred c�sts,the City will in tum s�nd a bill to the Owners. Owners shail be responsible for payment to the City wlthin 30 days of the Owners'receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the�meframe ouUined�in#:i above� shall issue a Stop Work Order un�l the Owners pay all ex�nses invoiced pursuant to�f3. The City may draw from the escrow acxoun�t withotrt further approvai of tl�e Owners to reimburse the City for eliglble expenses the City has inauRed. 5, CLOSIN�3 ESCI�OW. The Balanc�on depasft in the escrow�if any�shall be retumed to the Owners when the review has been c�n'+Pleted and mitten not�icatlor�is roeceived fram the Owners reqaestlng the funds. 8, CERTIFY UNPAID CHARGE$. If the proled is abandoned by Ovmers.or(f�e eligible expenses incwrred by the CitY exc�ed the amou�in escxow,the City shall have the rigM to csrtify the unpaid balance to the subject property pursuant to Minn.Stat.§§415.01 and 366.012. CfTY: CITY OF OR NO OWNER: B � �,7�L".,�l,� ��: �Z�zf�� - p Co j to Pro ertx:_,Own'e_r�'"'�'-�O Cop�to Street Eile� ��I��,w9n :�Orlgfnalto�nnin�,w�� --- __