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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit#2015-01435 Land Use Application#15-3781 AGREEIVIENT made this�,day of , 20�by and between the CITY OF ORONO, a Minnesota municipal corporation {"City") and Harry& Belle Yaffe("Owners"). Recitals 1. A building permit application has been filed for a new single family home located at 3185 Casco Circle the ("Subject Property"), legally described as Lot 35 and the Westerly %of Lot 34; and all of the land lying between the above described property and the shore of Lake Minnetonka on the South and between the Easterly line of said Lot 35 and the Easterly line of said Westerly'/of said Lot 34 produced Southerly to said fake shore; all in Spring Park, Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The City will commence its review of the appiication and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1, DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shail deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the Ciry for its cost in administering the escrow account. 2. PURPOSE �F ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for alI out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or iegal consultant review) or wili 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 reimbursemenf to the City for ail out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention P�an 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#2015-D1435 8� land use application#15-3781 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred 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. DISSURSEMENT FROM ESCROW ACCOUPIT. In the event that the Owners do not make payment to the City within the timeframe outlined 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 Owr.ers 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 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 subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY OF ORONO p � gy; �2�`'l�/, y�l T�� Its: �/�Q , �� In!zmal llse Qnly: �Original to Planning �Copy to Property Owner O Cop;to Street Fi,e