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� . BUILDING PERMIT ESCROW AGREEMENT � Orono Building Permit#2014-01488 and Land Use Appiication 14-3676 AGREEMENT made this�day of , 20 V by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") Jeremie and Eric ercer("Owners"). Recitals 1. A building permit application has been filed a new single family horne located at 2490 Carman Street the ("Subject Property"), legally described as Lots 10 and 11, Block 1, Navarre, and that part of Lot 5, Biock 1, Lehman Lagoon, lying West of the Northerly extension of the East line of Lot 10, Block 1, Navarre, Hennepin County, Minnesota. 2. Owners request the City to review this application. 3. The City will commence its review of the application and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All 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 all out-of-pocket costs the City has incurred (including planning, enqineerin_q, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with 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 the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous r.�nr��r�� •�-� �-�ith the work and to repair any damage to public property or infrast nning, engineering, or legal consultant review) associated wi I Use Application 14-3676 if compliance with the approved buildi � ��„/ "/ (� w' 3. MONTHLY BILLING. As the City receives � n turn send a bill to the Owners. Owners shall be responsible fc ar�Q�� Q,� . vners' receipt of bill. T�� 4. DISBURSEMENT FROM ESCROW ACCOUI �� " yment to the City within the timeframe outlined in #3 above, shall iss� Y �� (� T— enses invoiced pursuant to #3. The City may draw from the escr �� i - �� srs to reimburse the City for eligible expenses the City has incurred. �,/ 5. CLOSING ESCROW. The Balance on de w� /� � � •�((w . o the Owners when all requirements related to the project are corr � ;crow agreement two times per year to determine whether the . sfully completed and whether it is appropriate to return the funds ��,�� ands, and such funds shall be released upon City Staff receiving tf �� 15• � �, � '�'��fJNltti� �f the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the 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: C TY OF ORONO OW R: r By: 1� �ts: �an � � - _ i � Interinal Use Onty: �Original tn Pianning C]Capy to Property Owner : O Gopy#o Street File