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� <br /> BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# 2 D(� -�� � � � <br /> T M� <br /> AGREEMENT made this �S day of J���' , 20� , by and- petween the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City")and M i c ka e Kn f'ti�Q-e-n ��a S S�'1 ("Owners")_ <br /> Recitals <br /> 1. A building permit appiication has been filed for � � located at <br /> �_� the ("Subject Property"), legally described as��I��k ��LQ,�. , Hennepin <br /> County Min esota. � <br /> 2. Owner requests the City to review this application. <br /> 3. The City wili commence its review of the appiication and incur costs associated with said review only if the <br /> 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. Contemporaneousiy with the execution of this Escrow Agreement, the <br /> Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its <br /> cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred(including planning, engineering, in excess of$500, or lega! consultant review) or <br /> will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for <br /> under a building permit application. The escrow wifl also guarantee reimbursement to the City for alf out-of-pocket costs <br /> the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan <br /> and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any <br /> hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused <br /> by the work (including planning, engineering, or legal consultant review) associated with buitding permit <br /> #�r;l S-UOTIIo if compliance wi#h the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a <br /> bill to the Owners. Owners shal!be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners <br /> when the review has been completed and written notification is received from the Owners requesting the funds. <br /> 6. CERTIFY llNPAID CHARGES. If the pr�ject 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 subject <br /> property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY F OWNER: <br /> �ZNFS;vF gETH DELANEY SUILIVAN <br /> � �` � t Notary Public <br /> By: � of Minnesota <br /> ��,►.0-ss�c� �-y = �,,Y ��' My Commission Expires <br /> Its: <br /> �,,J�Q—r•-a� • �o,�• J a n u o r y 31, 2 O 1 6 <br /> t�.a.�.j �.c,(,Ir� <br /> intemal Use Only: O Original to F,'Aat�ce Department Copy to SVeet File <br /> Packet Last Updated: 03/29/13 <br /> Page 21 of 21 <br />