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� � � 1 <br /> BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Bullding Permit# o'�N�-�d$7� <br /> AGREEMENT made this Jr day of 4U' , 20� by and between the CiTY OF ORONp, a <br /> Minnesota municipal corporation ("City") and ("Owners"). <br /> Recitals <br /> 1. _ A building permit appfication has been filed for ���1� �J located at <br /> � the ("Subject Property"), legally described as lp ' 2 (. I , Hennepin <br /> ounty Minnesota. <br /> 2. Owner requests the City to review thfs application. <br /> 3, The City will commence its review of the application and incur costs associated with said review only ff 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. QEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the <br /> Owners shal! deposit$2,500 with the City. All accrued interest, if any, shalE be paid to the Clty 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 (inciuding planning, engineering, in excess of$50d, or(egal consu}tant review)or <br /> will incur in reviewing tne plan. Eligible expenses shall be consistent wlth expenses the Owmers would be responsible for <br /> under a building permit application. The escrow wil! also guarantee reimbursement to the City for all out-of-pocket costs <br /> the City has incurred to assure that the work is compfeted 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 fhe work and ta repair any damage to public property or infrastri�cture that is caused <br /> by the work (including planning, engineering, or legal consultant review) associated with buifding permit <br /> #a?o�A-0087 �' if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City rece{ves consultant bil(s for lncurred costs, the City will in turn send a <br /> bill to the Owners, Owners shall be responsible for payment to the City within 3Q days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. En the event that the Owners do not make payment to the <br /> Clty withln the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses fnvoiced <br /> pursuant to #3. The City may draw from the escrow account wfthout further approval of the Owners to reimburse the City for <br /> efigible expenses the City has incurred. <br /> 5. C�OSING 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 notificaiion is received from the Owners requesting the funds. <br /> 6. CERTIFY UNPAlD CHARGES. lf the project is abandoned by Owners, or If the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shafl have the right to certify the unpaid balance to the subject <br /> property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CITY: �I OF RONO OW . <br /> ' ��, 1�0 � <br /> By: - <br /> y 1 <br /> �l.5, <br /> _��`�`..�J' �.� ,� 8 <br /> Last Updated: 1 612 8/2 0 1 0 <br /> - 10 - <br />