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BUILDING PERMIT ESCROW AGREEMENT <br /> Ckrono Buiiding Permit#2013-00728 <br /> Demol{tion Permit# �IS�CS�qQ�( <br /> AGREEMENT made this day of �pTt,�ri3��'�., 20� by and between the CITY OF ORONO, <br /> a Minnesota municipa!corporation(" ity°)Joe O'Rourke&Chris O'Rourke("Owners"). <br /> ReciEals : <br /> 1. A building permit application has been fiied for a demolition of principal structure and construction <br /> of a new principal structure located at 3227 Casco Circle the ("Subject Property"), legafly described, see <br /> attachrnent A. <br /> 2. Owners request the City ta review this appEication. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if th�Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS POLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City far its cost in administering the escrow account. <br /> 2. PURPOSE O� 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 legal <br /> consultant review) or will incur 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 /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in <br /> accordance with the Stormwater Pollutian Prevention Plan and the provisions of Orono City Code Chapter 79. <br /> The financial security may also be used by the City to eliminate any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the work (including planning, <br /> engineerin , or le al consultant review} associated with buitding permit #2013-a0728 and demolitlon permit <br /> # �1�� ��q1 if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send e bill to the Owners. Owners shall be responsible for payment fio the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACC�UNT. 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 appraval 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, shail 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. GERTtFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incuRed by the City exceed Ehe 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 /> CI : CITY,QF D OWNER:�1 <br /> t . <br /> __ <br /> By: ' � � _ �,��J-rr�,�{ � ,/L�( , <br /> � <br /> ItS: �' � <br />