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` f`� BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit#o?L�l b"Q�Sl53 <br /> AGREEMENT made this��da of Yt ,20/�o, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation("City") ("Owners'). <br /> Recitals <br /> 1. A building permit ' appli ti rl has,�[ been filed, a <br /> � lo ed a J /tJ,/,the "Subject Propert�!'), Iegally <br /> described as � �� <br /> 5 /Et�c��f� a►� <br /> 2. Owners request the City to review this application. <br /> 3. The City will commence its review of the appiication and incur costs associated with said review <br /> only if the 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 <br /> Agreement,the Owners shall deposit$2,500 with the City. Atl accrued interest,if eny,shall be paid to the City to <br /> reimburse the City for iis 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, s�ineer►na. in excess of 5500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the <br /> Ovuners would be responsible for under a building permit application.The escrow will alsu guarantee reimbursement <br /> to the City for all out-of-pocket costs the City has incurred to assure that the work is compteted in accordance wfth <br /> the Stortnwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to eliminate any hazardous conditions associated with the woric and to repair any <br /> damage to public prOperty or iMrastructure that is caused by the w ric (in�I uding planning, engineering,or legal <br /> consuttant review)associated with building pertnR# .Z�/(o ' ��5� �{�pmpliance with the approved <br /> building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consuftant bills for incurred costs,the Cfty will in turn <br /> send a bill to the Owmers. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBUR3EMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to <br /> the City within the timeframe outlined in#3 above,shall issue a Stop Woric Order uniil the Owners pay all expenses <br /> invoiced pursuant to#3. The City may draw from the esaow account without further approval of the Owners to reimburse <br /> the City for eligible expenses the City has incuned. <br /> 5• CLOSING ESCROW. The Balance on deposit in the escrow,If any,shall be retumed to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the projed have been successfully completed and <br /> whether it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate ver�cation that all requirements of the project have been <br /> successfully completed. <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 <br /> subject property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: ...� ,__ <br /> % r� / <br /> By� � _ �' �f1.''�` C :/�`ayr�// <br /> Its: / 1 / %�' r <br /> /.:� <br /> l, �. <br /> Internal Use Only: �Orlginal to Planning G Copy to Propertybwner �� O Copy to Street File <br /> Last Updafed:January 207B /� j <br />