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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit #2011-01235 <br /> f`� � "�,?��t/(�``�/12p�, by and between the CITY OF ORONO. <br /> AGREEMENT made this 7 day of i'�'� <br /> a Minnesota municipai corporation ("City") and Steve & Karen Backes ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for a proposed addition and deck located at <br /> 170 Big Island the ("Subject Property"), legally described as Lots 31 and 32, Morse Island Park, Hennepin <br /> County Minnesota. <br /> 2. Owners request the City to review this application. <br /> 3. The City will commence o e su e�re mbursemlenttto the City of its costs sociated with said review <br /> only if the Owner establishes an escrow t <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> �. 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 ta <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 expe I ation.alTbe e cSow nwill�talso pguaeantee <br /> Owners would be responsible for under a building perrnit app <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 Ptan 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 wlth 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 #2011-01235 if compliance with the <br /> approved building permit is not accomplished. <br /> 3, MOIVTHLY 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 biil. <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 /> g. 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 /> subject property pursuant to Minn. Stat §§415.01 and 366.012. <br /> OWNER:.�- � % <br /> CITY: TY OF O�O �'" ' <br /> J � /; <br /> ; <br /> .--- � <br /> By ��� � �L�i- <br /> L `t �� <br /> ItS: �`���c,...s cx� ,.L��c�(- <br /> Internal Use Only: �Original to Planning � Copy to Property Owner O Copy to Street Fiie <br />