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BUILDING PERM17 ESCROW AGREEMENT Orono Building Permit#2014-00304 Land Use Application#14�681 AGREEMENT made this �� day of �"�u� , 20��, by and between the CITY OF ORONO, a Minnesota municipal corporation("City") Dan&Jane Houck(°Owners"). Recitals 1. A building permit application and land use application have been filed for a new principal structure and grading work within 75' of the lake located at 1535 Fairview Cottage Lane the ("Subject Property"), legally described as that parf of Lof 3, Orchard Beach, lying Eastedy of the following described line: Beginning at the Northeast comer of said Lot 3, ihence South along the East line of said Lot a distance of 190.20 feet to the point of beginning of the line to be described; thence at an ang/e to the right of 48 degrees 28 minutes a distance of 289 feet more orless to the shore of Lake Minnetonka and there terminating, Hennepin County, Minnesota. 2. Owners request the City to review the applications. 3. The City will commence its review of the application and incur costs associated with said review only ff the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FO�LOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit 52,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW.The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incuRed (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work(including planning, engineering, or legal consultant review)associated with building permit#201400304 and land use application #143681 if compliance with the approved building permit is not accomplished. 3. MOWTHLY BILLING. As the City receives consultant bills for incuned costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe oudined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The City may draw from the 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 returned to the Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may afso request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verificafion that all requirements of the project have been successfully completed. 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 e unpaid balance to the subJect property pursuant to Minn. Stat.§§415.01 and 366.012. CI F � OWNER: � � B .� Its: _ _ . ._ - - - - - frifie�t�a1 Use OAtYc�._... � •_��OEi9inai to Planriing �� :;O Cocvto Pro_peF�t r._O�iicier ,. _�,p.GODy to�St�r+�e�t File