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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit #2011-01235 f`� � "�,?��t/(�``�/12p�, by and between the CITY OF ORONO. AGREEMENT made this 7 day of i'�'� a Minnesota municipai corporation ("City") and Steve & Karen Backes ("Owners"). Recitals 1. A building permit application has been filed for a proposed addition and deck located at 170 Big Island the ("Subject Property"), legally described as Lots 31 and 32, Morse Island Park, Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The City will commence o e su e�re mbursemlenttto the City of its costs sociated with said review only if the Owner establishes an escrow t NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: �. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City ta reimburse the City for its cost in administering 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 expe I ation.alTbe e cSow nwill�talso pguaeantee Owners would be responsible for under a building perrnit app 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 Pollution Prevention Ptan 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 wlth 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 building permit #2011-01235 if compliance with the approved building permit is not accomplished. 3, MOIVTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of biil. 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 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 returned to the Owners when the review has been completed and written notification is received from the Owners requesting the funds. g. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred 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. OWNER:.�- � % CITY: TY OF O�O �'" ' J � /; ; .--- � By �� L�i- L `t �� ItS: �`��c,...s cx� ,.L��c�(- Internal Use Only: �Original to Planning � Copy to Property Owner O Copy to Street Fiie