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u�-��� � <br /> a � n-�-� <br /> BU[LDING PERAAiT ESCROW AGREEMENT � <br /> Orono Building Permit#2015-00484 ���Z��� <br /> AGREEM�NT made this l��day of , 24��-- by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") &Jennifer aton{"Owners"). <br /> ��'!�' <br /> Recital� <br /> 1. A building perrnit application nas been filed for a new single family home located at 945 Fores# <br /> Arms Lane the{"Subject Property"), legally described on Exhibit A, attached. <br /> 2. Owners request the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the Ciry of its costs. <br /> NOVII THEREFORE,THE PARTIES�►GREE 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_ All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to tha Ciry <br /> for ail out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. E(igible expenses shall be consistent with expenses the <br /> Owners wovld be respansible for under a building permi# application. The escrow will also guarantee <br /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is camplsted in <br /> accordance with the Stormwater Pollution Prevention Plan and tf�e provisions of Orono City Code Chapter 79. <br /> The financiaf security may also be used by the City to eliminate any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the wurk (including planning, <br /> engineering, or fegal consultant review) associated with building permit #2015-�0684 if comptiance with the <br /> approved building permit is not accomplished. <br /> 3. MONTHLY BILLlNG. As the City receives consultant bilts for incurred costs, the City will in turn <br /> send a biU to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROt� ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuarrt to #3_ The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CL�SING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owners when the review has been completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY UNf�AiD CHARGES. If the praject is abandoned by Owners, or if the eligible expanses <br /> incurred by the City exceed the amount in escrow, the City shall have tiie right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> cmr: o� o 0 owN�R: .-~` <br /> B �' ' ' ��'� <br /> L _ _ <br /> �ts: x-�tf,�c�-2s �.C-s-�v��—�2 � � �-- <br /> ice�eme{usQ Cfc�iy: , �t����;�r� C'��o�s�6ct Prop�r�L�r�r C�Ca�ic��t fi�� <br /> � <br />