2010-00832 (escrow fee - tied to building permit)

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. , � BU{LDING PERMIT ESCROW AGREEMENT Orano Building Permit 2010-00733 AGREEMENT made this�day of ^ , 20 I�, by� nd between the CITY OF ORONtJ, a Minnesota munieipal corporation ("City")and t�i,� ("Owners"). Recitais 1. A building permit application has been filed fflr construction of a new residence and a stream bank stabilization project lacated at 3382 Bayside Road. the (°Sub}ect Property"}, legaNy described as aitached as "Exhibit R° Hennepin County Minnesota. 2. �wner requests the City to review this application. 3. The City wiU commence its review of the appfication and incur costs associated with said review only if the Owner establishes an escrow ta ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTiES AGREE AS FOLLOWS: 1. DE�OSi7 OF ESCf�dW FUNLIS. Contemporaneously with the execution of tnis Escrow Agreement, the Owners shall deposit$2,5Q0 with the City. Ali accrued interest, i#any, shal! 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 escrov✓ is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or lega! consultant review) or will incur in reviewing the plan. Eligible expenses st�al! be consistent with expenses the Owners wou}d be respansible for under a building permit appfica#ion. The escrow will aiso guarantee reimbursemer�t to th2 City for ail out-of-pocket costs the City has incurred to assure that the wark is completed in accordance with the Stormwater Poliution Prevention Plan and the prov�sions of Orono City Code Chapter 79. The fir�ancial seeurity may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to pubiic property or infrastructure that is caused by the work (including planning, engineering, or legai consultant review) associated with b�ilding permit 2010-00733 if compliance with the approved building permit is not accompiished. 3. MON3HLY BILLING. As the City receives consultant bi!!s for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsibEe for payment to the City within 30 days of the (?wners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUFIT. in the event that the Owners do not make payment to the City within the timeframe outiined in #3 at�ove, shali issue a Stop Work Order until the Owners pay all expsnses invoiced pursuant to #3. The City may draw from the escrow account without further approva9 of the Owners to reimburse the City for eligible expenses the C�ty has incurred. 5. CLOSING ESCROW. The 8alance on deposit in the escrow, if any, shali be returned to the Owners when the review has been compieted and written notification is �eceived from the Owners requesting the funds. fi. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by#he City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat §§415.01 and 366.012. CITY: TY OF OR�O OWNER: BY� „ �" �� `�-��\! �N�-'�_��: ��?�. 4^�.�..�_� 1 ts: -i-`,a�•,�c�.___� c c-�-�— � tnterna!Use Oniy: 0 OrigrnaFt4 Finance Deparkment G Copy toStreef Fife i