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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit Numbers 2015-00044, 2014-00025 and ' Demolition Permit Number 2014-00059 AGREEMENT made this��day of i �-t'-h'�-��:�.�, , 20 /�by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") Martin & Kathryn Leestma ("Owners"). Recitals 1. A building permit application has been filed for a new single family home located at 3225 Casco Circle the ("Subject Property"), legally described as All that part of Lot 28, Spring Park, lying westerly of a line described as follows: Commencing at a point on the northerly line of said Lot 28, distant 45.5 feet southwesterly, measured along said northeriy line from the northeasterly comer of said Lot 28 which corner is marked by a judicial landmark; thence southe►1y along a straight line to the shore of Lake Minnetonka, said straight line passing through a point, marked by a judicial landmark, which is 9 feet westerly, measured at right ang/es, with the easterly line of said Lot 28, from a point in said easterly line of said Lot 28, distant 262.5 feet southerly from the northeasterly corner of said Lot 28; also all of Lots 29 and 30, together with and including that part of Lake Shore Avenue, vacated, lying in said Lots 29 and 30 and in that part of said Lot 28 hereinbefore described, all in Spring Park, according to the plat fhereof on file and of record in the office of the Registrer of Deeds in and for Hennepin County, Minnesota, and the Northwesterly corner of Lot 30 having been marked with a judicial landmark, and further judicial land mark having been located on the westerly line of Lot 30 at a point which is 249.2 feet southerly from the northwesterly corner thereof. 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, engineering, 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 conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with building permit Numbers 2015-00044, 2014-00025 and demolition permit #2014-00059 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the review has been completed and written notification is received from the Owners requesting the funds. 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: CITY OF ORONO OWNER: � 1 __.. _ -� _ � - - By: t � `l ��•�I��- I��,��.._._. � �ts: 1 �';(I.l l I`�t` 1�SuJ(�I i ;r�� . ' - �-.� .-�..�, lntemal Use Only: �Original to Planning 0 Copy to Property Owner �'Gopy to Street File