2015-01475 - Escrow tied to 2015-01178 & 2015-01442

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� BUILDING PERMIT ESCROW AQREEMENT Orono Buliding Permft#�2015-01178 and Demolftion Permit#2015•01442 AGREEMENT made this�_day of 1� �Y , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation("City°)and "Owners")•��C4i�, f Qii��e f �n n e w�r' Recttals 1. A building permit application has been filed fo� an ac�essory structure located at 3898 Cherry Avenue the ("Subject Property"), legalty described as Lot i8, 81ock 3, CRYSTAL BAY VIEW also that part of Lot 17 said Block 3, lying westerly of the following described line and its natherly and southerfy extensions:Beginning at a point on the baverse line along ihe norther/y side of said Lot 17 a distarx�of 10.00 feet west from ri�e east line of said Lot 17 as measured along said traverse line;thence soutl�w�este�ly in the direction of a point on the southerly line of said Lot 17 a distance of 75.00 feet west fran the southeast comei of said Lot 17 to a point 68.45 feet norlherly fr�m said souther/y line;ther�southwesterly to a point on said souH�evty line 26.00 feet westerly from the southeast comer of said Lot 17and there ending, 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 FUNDS. Contemporaneously with the execution of this Escrow Ag�eement, 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 administenng the escrow account 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City tor all out-of-pocket costs the City has incurred (including planning, engineenng, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible sxpenses shall be consistent with expenses the Owners would be responsibte for under a building permit application. The escrow will also guarantee reimbursement to the City for alf 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 financiat 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 buildtng permlt �2015-01178 and demolttion permft #2015-01442 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLtNG. As the Gity receives consultant bills for incurred costs, the City will in turn send a biil 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 Wo�ic Order until the Owners pay alf expenses invoiced pursuant to #3. The City may draw nom the escrow account without further approval of the Uwners to reimburse the City for eligible expenses the City has incu�red. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed 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 exceec!the amount in escrow, the City shall have the right to certiiy the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: ITY OF ORONO OWNER: By: 1 � �'' Its: IMemaf tJsa On{y: O Orlglnal to Planning O Copy to Property Owner �Copy to Street File