2015-01473 - Escrow tied to 15-3796

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ORONO ESCROW AGREEMENT Building Permit#2015-01410 Land Use Application#15-3796 AGREEMENT made this day of , 20 by and betw n th CIT OF ORONO, a Minnesota municipal corporation (" ity")and �.�`c � �lr f cC9��i – ��-("pwners"). Recitals 1. A building permlt application has been filed for a variance and building permit located at 2941 Casco Point Road, the ("Subject Propert�'), legally described as see Exhibit A (attached) 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 DS. Contemporaneously with the execution of this Escrow Agreement,the Owners shall deposit$�,bOD with the City. AI! 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 Clty for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or wfll incur in reviewing the plan. Eligible expenses shall be consistent wlth expenses the Owners would be responsible for under a buiiding permft application.The escrow will also guarantee reimbursement to the City for all�ut-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollutlon Preventlon Plan and the provisions of Orono City Code Chapter 79.The flnanclal 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 buildfng permit #2015-01410 and land use application #15-3796 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the Clty will in turn send a bill to the Owners. Owners shall be responsfble for payment to the City within 30 days of the Owners'receipt of blll. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City withln the timeframe outlined in #3 above, shal� issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The Cfty may draw from the escrow account without further approvai 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: CI OF O ONO O NE : � �Y� �I ` ` QCC�_.� —��7� Its: � �..��.�.�� l�'.��°��;�Orlgir��l=`tg plarinirig �,L7 Copyto Property,0u�i��er��,,�_�t3�Cop.ys o��5.��e