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ESCROW AGREEMENT—ALL PERMITS COMBINED <br /> Orono Building Permits#2013-00728 8�# �'��13 ����7 1 <br /> Demolition Permits#2013-00997 8�# �f�� U 1l `bD <br /> Land Use Application#13-3634 <br /> AGREEMENT made this day of , 20� �, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and Joe O'Rourke &Chris O'Rourke ("Owners"). <br /> Recitals <br /> 1. Applications have been filed for demolition of principal structure, construction of a new principal <br /> structure and a conditional use permit for work within the 0-75' zone on the property located at 3227 Casco <br /> Circle the ("Subject Property"), legally described as: Attached as Exhibit A. <br /> 2. Owners request the City to review the applications. <br /> 3. The City will commence its review of the applications and incur costs associated with said review <br /> only if the Owners establish 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 Agreement, the <br /> Owners shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> 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 for all <br /> out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant <br /> review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expeases the Owners would <br /> be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the <br /> Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security <br /> may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with Orono Building Permits #2013-00728 & #2c�13 -c(I1 Demolition Permits <br /> #2013-00997 8� # 2�f3-�11$� and Land Use Application #13-3634 if compliance with the approved <br /> permits is not accomplished. <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 /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: <br /> By: <br /> L�GC � �� <br /> Its: �li� �'Z.-/'t--C�� � ' �' <br /> �t�e�n�1 Use�nly: .. GT tJriginal to i'lanning'`f G Copy to Praperty Owne� �Gapy to Street File � <br /> � <br />