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, ESCROW AGREEMENT Orono Building P�rmit#207�708 �� Land Use Appflcatien#i � AGREEMEMT made this �� day of n-��. �20� by and between the CiIY OF OR�NO, . a Minnesota municipal corporation{`Cit�)Kevin d�Teresa Tor�erson("tywners") Recttal� 1. A building permit and Iand use appl�ations have been filed for constructlon of a new resWtnce and aasoclabed tandscaping work located at 1410 Ch�ny Place,the(`Subject Property"),legally des�ribed as Lots 2 and 3�Block 4,Crystal Bay View,Hennepin County, Minnesota. 2. Owners request the City to rev�ew the applicatbns. 3_ The City will commence lts revlew of the apptication arxi incur oosts asaodated v►rtth said review only ii ttta Owner establlshes an escro�w to ensure reimbursement to the City of its«�ssta. NOW THEREFORE,THE PARIIES AGREE AS�ULLOWS: 1, DEPOSIT OF ESGROW FUND3. Contemporaneousry witfi the executlon of this Escrow Agreerr�ent,the Owners shalk depnsit$'Z,500 with the City. A!I accrued interest, if any,sha11 be paid to the City to seimburse the City for its cost in administering the escrow aocount 2. PIfRPOSE OF ESCROW.The purpose of the escrow is tn 9uarantee reimbursement to the City for all out�f-pocket oosta the Clty has fncurred (including planning, e_nalneer!►�n. fn exo�ss of t�90. or legal consultant rev[ew) or will incur in reviewing the plan. E1ig�ble expenses sha�1 be consistent with expenses the Owners would be responstble for under a building permit application. The escrow wiA also guararttee reimbursement to the City for all out�of-pocket costs the Cfty has fncurred to essure that Ihe work is completed �n accordance wlth the Stiormwater PoAutlon Preverrtbrs Pian and the pravislons ot Orono City Code Chapter 79_ The ftnancial security may alsa be used by the City ta elimirrate any hazardous conditions assoclated with the work and to repair any damsge to pubfic property or infrastructure that ia caused by the work{including planning, eng�neering,or legal consuftant revlaw)assoclated with bullding peRnit�Q14-07108 and land use appikaation i�16�3728 if compliance w�fi the approved building permit is not accomplished. 3. MONTHLY 61LLING. As ihe Ciry receives consultant bills for incurred costs,the City will in tum send a bill to the Owners. dwners shall be responslble for paym�rt to the City wfthin 30 days of the�wne�s' receipt of bill. 4. DISBURSEMEN7 FROM E.SCROYY ACCOUNT. ln the event that the Owners do not make peymer�t to the City witliln the 6meframe outifned in�3 above, sha11 iasue a Sbop Work Order�mtil the Owners pay all e�ens� irnrolced p�'suant to �i. The Ciiy mey draw firom the escrar acc�urrt witliout ttrther aPpro�al of the Owners to relmburse the Clty for effgible expenees the Clty has incurred. 5. CLOSING ESCIZOW: The B2tlance on deposit in the escr�w, if arry, shall be retumed to the pwne�s yrhen all nequiremenfs related to fhe proJeot are comptete. CEty 5taff shall review the terrns of this escxvw agreemerrt two tfines per ye�r to deterrnine whether the requiremerrts of the proJect have been 6uccessfully oompletad and whether it is appropriate to return the funds. Owner may also request ihe retease of tt�e funds, and such funds shall be released upon City Staff receiving the approprfate veri(iicetion tnat a{I requirements of tt�e project have been sucoessfuliy campleted. g. CERTIFY UNPAID CHARS3ES. If the project is abandaned hy Ov+rne�s,or iF the ellglble expenses incurred by the City exceed the amount in escraw,the Ciiy shall have the right to certlty the unpatd balance to the subject property pursuant to Minn.Stat.§§415.01 and 3�6.Q12. CITY: CITY NO OWNER: �� B � Its: � �tierr�t�k�e;O�d!►' '' .., :`O Ori�iel b Pfliri��i ':> Cf;CoP'!►to.:P�''°P�l►:+�Mr 11 Co�!.ia�ti�eet Ft1�