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i I BUILDING PERMIT ESCROW AGREEMENT i Orono Buitding Permit #2013-01199 I Demofition Permit#2813-OU996 I Variance 8� CUP #13-3644 ' AGREEMENT made this day of , 2��-�, by and between the CITY OF ORONO, ! a Minnesota municipal corporation ("City") Neil & Barbara Goodwin ('Owners"). Recitais 1. A building permit app(ication has been filed for a new principal structure located at 2975 Cacso Point Road the("Subject Property"), legally described on attached Exhibit A.. 2. Owners request the City to review this appli�ation. 3. The City wil( 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. AI1 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 aut-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 shalf be consistent with expenses the Owners would be responsible for under a building perrnit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has ineurreci to assure that the work is completed in , accordance with the Stormwater Pollution Prevenfion 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(incfuding planning. engineering, or legal consultant review) associated with building permit #2013-0099fi, Demolition permit #20�E3-00996 and Variance & CUP #13-3604 if compliance with the approved building permit is rot accomplished. 3. MONTHLY BILLtNG. As the City receives consultant bi{Is for incur�ed 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, ❑ISBURSEMENT FROM ESCROW ACCOUNT. fn the event lhat the Owr�ers do not maks 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 tl�e escrow account without further approval of the Qwners to reimburse the City for efigible expenses the City has incurred. 5. CLQSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed tQ 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 b}�Owners, or if the eligible expenses incurred by the Ciry exceed the amount in escrow, the City shall have the right to cerfify ftie unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: 7C1TYbF OR� OWNER: � 4 �� ,. $y. ' •� � �, it�: -r � - .- --- - - _ _ - - �__ _ - . ,�..�_--�_-_�'��,�- �� 5�`� � -- -- e�f�