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� BUILDING PERMIT ESCROW AGREEMEN'f <br /> Orono Building Permit#2012-00038 <br /> � <br /> AGREEMENT made this ��day of -� �►Vl�' , 20� by and between the ClTY OF ORONO, <br /> a Minnesota municipal caporation("City")and Thad & Danieile eele ("Owners"). <br /> Recitals <br /> 1. A building perrnit application has been filed for an addi�ion located at 4050 Bayside Road the <br /> ("Subject Property'}, legally described as Lot 2, Block 1, Popov Addition, Hennepin County Minnesota. <br /> 2. Owners request Ehe City to review this application. <br /> 3. The City will commence its revisw of the application and incur casts associated with said review <br /> only if the Ou�mer establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREF�RE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $600 with the City. All accrued interest, if any, shall be paid to the City to <br /> 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, in excess of $500, or iegal <br /> consultant review) or rnrill incx�r in reviewing the plan. Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a building permit application_ The escrow will also guarantee <br /> reimbursemerrt to the City for all out-of-pocket costs the City has incurred to assure that the work is completed 'm <br /> accordance with the Stormwater Patlution Prevention Ptan and the provisions of Orono City Code Chapter 79. <br /> The finanaal security may also be used by the City to eliminate any hazardaus conditions assoaated with ths <br /> work and to repair any damage to pubiic property or infrastructure that is caused by the work(including planning, <br /> engineering, or legal consultant review) associated with building permit #2012-00038 if c�mpliance with the <br /> approved building permit is not accornplished. <br /> 3. MONTiiLY BILLING. As the City receives consultarrt bills for incurred costs, the City will in tum <br /> send a bill to the Ow�ers. Ovmers shal{ 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, shatf issue a Stap 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 e�enses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owmers when the�eview has been completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY UNPAID CHARGES. If the projec�is abandoned by Owners,or if the eligibfe expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the rigt►t to certifiy the unpaid balance to the <br /> subject property pursuant to Minn. Stat.§§415.01 and 366.012. <br /> CtTY: CITY OF ORONO OWNER: <br /> By:_� C�- �/--�- �'�� ( „ �� - <br /> �- <br /> i�: � G2��-�c-� --�n��.:�"��,� <br /> �����!�`" , '�9,����-�'�riie„r;��t�t�'��lie <br />