2011-00118 - escrow fee - Laserfiche WebLink

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f BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit#2011-00100 r:� AGREEMENT made this �:r�� day of i�"��'? 20,;L, by and;between the CITY OF ORONO, a Minnesota municipal corporation ("City°)and ,'�t�"h"�� :-;��.�:�-��-�- �/� ("Owners"). Recitals 1. A building permit app{ication has been fiied for construction a new residence located at 120 Creek Ridge Pass, the ("Subject Property"), legally described as Lot 3, 81ock 1, Creekside in Orono, Hennepin County Minnesota. 2. Owners request the City to review this applicatior►. 3. The City wiil comrrlence it� review of the app(ication and incur costs associated with s�id revi�w oniy if the Owners establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1, bEPQSIT OF ESCROW FUNDS. Cca�txtemporaneausly with the execution of this Escrflw Agreement, the �wners shall depo5it�►2,500 with the Clty. Atl accrued interest, if eny, shalt be pgid to the City to reimburse the City for its cost in administering the escrow�ccour�t. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guar2�ntee reimbursement to the City for alf out-of-pocket aosts the City has incurred (inc(udirig p4anning, engineering, in excess of $500, or legal consultant review) or wil! incur in revi�wing the plan. Eligible e�icpenses shail be consistent with exp9nses th� Ornn�aers would be responsible f�or under a building permit application. The escrow will also guarantee reimbursement t�the City for all out-of-pocl�!costs the City has 'tncarred to assure tk�at the work is completed in accordance with the Stormwater pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The finartcial secur�y may also be used by the City to efiminate any hazardous co�dit�at+s associated with the work and to rep�ir any damage to public praper�►or infrastructure that is caused by the work (incfuding planning, engineering, or legal consuftant review) associated with building per�lt #2091-00100 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILl.ING. As the City receivesiconsult�nt bifls far incurred costs, the City will in turn send a bill to the Owners. Ovmer� shall be responsible for payment to the City within 30 days of the OwrYe�s' receipt of bill. 4. DtSBURSEMENT FROM ESCROW ACCOUNT. fn the e�rertt 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 ihe 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 tkte Owners when the review has been completed and wr'ttten natification is received from the Owners requesting the funds. 6. 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. CITY: CITY OF ORdNO OWNE • �'� � �,'',' " � ��/ , , > < � _.. , .. . � � , , < <.:_�- � �, By: - i' ,��/ �, , ��--_.� � Its: i`--\-r'_(`�_�,�„�,<�="S: � - � _ �_ _ _ _, ._ ,� �� _ . .__ -' ,- M�enaai tJs��#ni�, ;. �'.�.,.��Mgitisl to;Pl�rnalty� ,�. �C,ct�Y'to"Propert�t'darn+et ` #��'�StfieetfHe