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ZONING PERMIT ESCROW AGREEMENT <br /> Permit# 2�j �--OC%9'C>�� <br /> AGREEMENT made this_�s day of , 20� by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and �✓n�� ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for a zoning permit for a property located at <br /> '�,Stu `�,r��t►,,[,� 2o�the ("Subject Property"), legally described as , <br /> �Hennepin ounty Minnesota. <br /> 2. Owner requests the City to review this appiication. <br /> 3. The City wiil commence its review of the application and incur costs associated with said review <br /> only if 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 <br /> Agreement, the Owners shall deposit $ vo with the City. All accrued interest, if any, shall be paid to the <br /> City to reimburse the City 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 <br /> for all out-of-pocket costs the City has incurred (including planning, engineering or legal consultant review) or will <br /> incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners wou�d be responsible <br /> for under a zoning permit application. The escrow will also guarantee reimbursement to the City for all out-of- <br /> pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be <br /> used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to <br /> public property or infrastructure that is caused by the,work (including planning, engineering, or legal consultant <br /> review) associated with permit # 2(J(l�—�Q�11�if compliance with the approved zoning permit is not <br /> accompiished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account 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 notification is received from the Owners requesting the <br /> funds. <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 <br /> subjeEt property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CITY: CITY,O�"=C7RON0 OWNER: <br /> � :'� � <br /> By: - �.�v\i �-��: . _-- <br /> �/� � <br /> Its: ��-< ' �.�-���� <br /> Internal Use Only: �riginal to Planning Department [�/Copy to Street File � <br /> Updated: January 2014 <br />