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BUILDING PERMIT ESCROW GREEMENT <br /> Orono Building Permit#2 13-01041 <br /> AGREEMENT made this�day of , 20� by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") Gonyea H mes ("Own rs ). <br /> Recitals <br /> 1. A building permit application has been filed for a new single family home located at <br /> 75 Bayside Trail the ("Subject Property"), legally described a Lot 5, Block 1, Bayside Meadows, Hennepin <br /> County Minnesota. <br /> 2. Owners request the City to review this applicatio . <br /> 3. The City will commence its review of the applica ion and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursemen to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemp raneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $2,500 with the City. All a rued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow accoun . <br /> 2. PURPOSE OF ESCROW. The purpose of the e crow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including pla ning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible e penses 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 he provisions of Orono City Code Chapter 79. <br /> The financial security may also be used by the City to eliminat any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructur that is caused by the work (including planning, <br /> engineering, or legal consultant review) associated with buildi g permit #2013-01041 if compliance with the <br /> approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives cons ftant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for pa ment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. I the event that the Owners do not make payment <br /> to the City within the timeframe outlined in #3 above, shall issue a top Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow a count 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 notific tion is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is bandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall ave the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CITY: IT,Y OF ORONO WD1ER: <br /> �U��Y,� �3�V`��/�� L(µ � <br /> By: � s' <br /> Its: .�i ,; '��f� : L���� � � �iti s��r ��uvv�� <br /> Internal Use Only: 0 Original to Planning � Copy o Property Owner ❑Copy to Street file <br />