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BUILQING PERMI7 ESCROW AGREEMENT Orono Bullding Permit#2014-01108 Demolition Permit#2014- %J �'2 E ! AGREEMENT made this�day of ��'L�11 , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation("Cit�')Kevin&Theresa Torgerson("Owners"). Recitals 1. A building permit and a demolition permit application have been fited for a new single family home and demolition of existing home bcated at 1410 Cherry P1ace the("Subject Property"), legally described as Lot 2 and 3, Block 4, Crystal Bay�ew, Hennepin County, Minnesota. 2. Owners request the City to review this application. 3. The City wlll 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 casts. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shatl 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 adrninistering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-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 shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed In accordance with the Stormwater Pollufion Prevention 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 (inGuding p[anning, engineering, o� !e al consultant review) associated with building permit #2014-01108 anci demolition permlt #2a14- U� �'l l if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consu(tant bills for incurred costs, the City will In turn send a bill to the Owners. Owners shall be responsible for paymerrt to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that tha Owners do not make payment to the City within the timeframe ouUined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval 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 retumed to the Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the Qligible expenses incumed 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: CITY OF ONO > OWNER: ��/3//y BJ: . ��/�''`J "�- , Its: ��'�� � ,._ _ , .. -- - - _ Intdm�I;Use Or�ly; _. .__ ...,. G:Ongina�'to�'lannt�g, _.__,. _Q:Copy_to Property bwner.: ; Q Copy�to,Str�At Flle