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BUILDING PERMIT ESCROW AGREEMENT
<br /> Orono Building Permit#2012-00452
<br /> AGREEMENT made this�day of ���tr�� , 201;�, by and between the CITY OF ORONO,
<br /> a Minnesota municipal corporation ("City") and John & Lynn Young ("Owners").
<br /> Recitals
<br /> 1. A building permit application has been filed for pool located at 4355 Chippewa Lane the
<br /> ("Subject Property"), legally described on Attachment A.
<br /> 2. Owners request the City to review this application.
<br /> 3. The City will commence its review of the application and incur costs associated with said review
<br /> only if 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
<br /> Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to
<br /> reimburse the 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
<br /> for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal
<br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the
<br /> Owners would be responsible for under a building permit application. The escrow will also guarantee
<br /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in
<br /> accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.
<br /> The financial security may also be used by the City to eliminate any hazardous conditions associated with the
<br /> work and to repair any damage to public property or infrastructure that is caused by the work (including planning,
<br /> engineering, or legal consultant review) associated with building permit #2012-00452 if compliance with the
<br /> approved building permit is not accomplished.
<br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn
<br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'
<br /> receipt of bill.
<br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment
<br /> to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses
<br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to
<br /> reimburse the City for eligible expenses the City has incurred.
<br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the
<br /> Owners when the review has been completed and written notification is received from the Owners requesting the
<br /> funds.
<br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses
<br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the
<br /> subjectpr�y pursuant to Minn. Stat. §§415.01 and 366.012.
<br /> CITY: CITY,�p �1V0 O R:
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