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BUILDING PERMIT ESCROW AGREEMENT <br /> • Orono Building Permit# '��S "OpS�-1 <br /> � AGREEMENT made this��day of �-;� , 20 !�, by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation (°City") and �� r{�, h�-��-► (-�.,,.�t's�� ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for 3`iZ� C.I,,,r.- � located at <br /> CfcN(� r� the ("Subject roperty'), legally described as <br /> Ln-� �y � ('� . ►'�la� 5 C�v �� 13h-r v�tc.�l N,,nn-.nr•.} c c> r'�� <br /> U <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consultant legal and/or engineering review. <br /> 3. The City will commence its review of the application and incur costs associated with said review only if <br /> the Owner establishes 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, <br /> the Owners shall deposit $2,500 with the City. All accrued interest, if any, shail 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 expenses the Owners would be <br /> responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used <br /> by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property <br /> or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with <br /> building permit#20�5'G1pSCl1 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 send <br /> a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be <br /> released upon City Staff receiving the appropriate verification that all requirements of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project �s bandoned by Owners, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City all ave the right to certify the unpaid balance <br /> to the subject property pursuant to inn. Stat. §§415.01 and 366.01 . <br /> CIT : TY OF O ` O <br /> By: <br /> �ts: ►� ��e� <br /> � <br /> Mternal Use Onty; G Original to Fin�ce UepartEr�etit G Copy to S#reet Flie <br /> Packet Last Updated: January 2015 <br /> Page 22 <br />