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' BUILDlNG PERMIT ESCROW AGREEMENT � Orono Building Permit#2015-01435, Demoiftion Perm#t#2015-�1557 and Land Use Applicatfon#15-3781 AGREEMENT made this �� day of , 20� by and between the CITY OF 4RON0, a Minnesota municipal corporation {"City") and Harry& Belle Yaffe("Owners"). Reci#ats 1. A building permit application has been filed for a new single family home located et 3185 Casco Circie the ("Subject Property"}, legal(y described as Lot 35 a�d the Wesierly %of L.ot 34; a�d all of the land lying between the above described praperty and the shore of Lake Minnetonka on the South and between the Easterly line of said Lot 35 and the Easterly line of said Westeriy'/of said Lot 34 produced Southerly to said lake shore;ali in Spring Park, Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The City wiU commence its review of the application and incur costs associated with said review only if the Owner esfiablishes an escrvw to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGRFE AS FOLLOWS: i. DEPOStT L1F ESCROW FUNDS. Conternporaneously witM the execution of this Escrow Agreeme�t, the Ovmers shall deposit$2,500 with the City. All accrued interest, if a�y, shall be paid to the City to reimbufse the City for its cost in administering the escrow account 2. PURPOSE OF ESCR�W. The purpose of the escrow is to guarantee reimburserrient to the City far all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, ar legal consultant review) ar will incur in reviewing the plan. Eligib(e 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 ou#-of-pocket costs the City has incurred to assu�e thaf the work is completed in accardance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The flnancial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to pub(ic property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with bufldtng permft #2Q15-01435, demolltlon permit #2015-01557 & tand use appltcation#15-378i if compliance with the approved building peRnit is no#accomplished. 3. MONTHLY BI�LiNG. As the City receives conss�ltant bilts for incurred costs, the City will in turn send a bill ta the Owners. Owners shall be responsible for paymen#to the City within 30 days of the Owners'receipt of bill. 4. DISBURSEMENT FROM ESCROW AGC�UN'f. In the event that the Owners do not make payment to the City within the timeframs outlined in #3 above, shall issue a Stop Work Order unti! the Owners pay all expenses invaiced pursuarit to#3. The City may draw from the escrow account without further approval of the Owners to relmburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. ThE 8alance on deposi#in the escrow,if any,shall be retumed to the Owners when the review has been completed and written notification 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 un aid balance to the subjec#property pursuant to Minn. Stat. §§415A9 and 36f.012. CITY: tTY OF ORONO O 1 gy; f�� J Ya.�`�',� �ts: Vl ! �" ��fe l�'--e Interna!Use Only: Q Origtnat to Ptanning G Copy to Property Owner a Copy to Street Fpe