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BUiLC?ING PERM{T E�CR�W AGREEMENT Qrono Buiiding Peemit 2010-00733 AGiiEEMENT made this�day af� , 20 I(1, by nd between the CITY OF {3RON0, a Minnesota municipal corparation(°"City")and �t�' (""Owners"). Recitais 1. A building permit application has been fiied for construction of a new residence and a stream bank stabilization project located at 3382 Bayside Road, the {"Subject Property"), legally described as attached as "Exhibit A° Hennepin County Minnesota. 2. Owner requests the City to review this application. 3. The City will commence its review of the appiication and incur costs associated with said review only if the Owner establishes an escrow to ensure reirnbursement to the City of its costs. NOW THEREFORE,THE PARTI�S AGREE AS FOLLOWS: 9. DEPOSIT OF ESCROW FUNDS. Gontemporaneousiy with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. Ali accrued interest. if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for ali out-of-pocket costs the City has incurred (inciuding planning, engineering, in excess of $500, or legai consuitant review) or wil! incur in reviewing the plan. Eiigibfe expenses shail be consistent wiEh expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that#he wark is completed in accordance with the Starrnwater Polfution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial secunty may also be used by the City to eliminate any hazardous conditions assoc+ated with the wark and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legai consultant review) associated with building permit 20'i0-00733 if compliance w'tth the approved building permit is not accampfished. 3. MONTHLY BILLIIVG. As the City receives consultant biils for incurred casts, the City will in turn send a bil( to the Owners. Owners shall bs responsible for payment to the City within 30 days of the Owners' receipt of biil. 4. DISBURSEMENT FROM ESCROW ACCOUNT. {n the evenf that the Owners do not make payment to the City within the#imeframe outiined in#3 above, shall issue a Stop Work Order until the flwners pay a!I exp2nses invoiced pursuant fa #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the Ci#y has incurred. 5. CLOSING ESGROW. The Balance on deposit in the escrow, if any, si�all be returned to the Owners when the review has been campieted and written notification is received from the Owners requesting the tunds. 6. CERTIFY UNPAID CHARGES. If the project is abandaned by C?wners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balancs to the subject property pursuant to Minn. Stat. §§415.p1 and 366.012. CITY: TY OF ORONO pH►�ER; BY� �� `��t��V`•.f�_��. ��.\�.�-��r.,�,.�. Its: -1-°:�c:,,.�c..,�� -��— ` [��'�1se�?nly: '.`;�7 i?rigin8l to F�r��ce Fse�o-tmer�t ;, fl�Copy ta Str�et fife � f