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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# o�l �- l'0 g7�f <br /> AGREEMENT made this .� day of Clf� , 20� by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City") and d ("Owners"). <br /> Recitais <br /> 1. , A buitding permit application has been filed for ��'��lP � •t�� located at <br /> �'�� • G': the (°Subject Property"), legaliy described as _��lF, �'tt'XiC- 2 ,{Nl� I ��/ r1l'N!1 Hennepin <br /> ounty Minnesota. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application 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. Contemporaneously 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 legal 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 will also guarantee reimbursement to the City for all 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 building permit <br /> #070��-0087 FT if compliance with 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 shall 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 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 subject <br /> property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CITY: .CITY OF QRONO OVVN��: <br /> By: � � �'� ��'��`h ti� 1���,� � '��.� � <br /> �tsV i� � i <br /> nternalUseOnl '�*�''"�`��'�"�_Or�inal�to�Finance�„W,Qepartment�-�'_'"��„��Cop,yfo;Sfreetfile <br /> _..�_._.,R,.__..��__y.�.F � _ <br /> Last Updated: 10/28/2010 <br /> - 10 - <br />