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✓ BUILDING PERMIT ESCROW AGREEMENT Orono BuiEding Permit#2015-00413 Demoiition Perrnit#2015-00415 Land Use Application#15-3717 AGREEMENT made this 23 day of A,�ri( , 20 15 , by and beiween the CITY OF ORONO, a Minnesota municipai corporation("City")Chamberlain Capital, LLC ("Owners"). Recitals 1. A building permit application has been filed for a new single family home located at 1340 Fox Street the ("Subject Property"), legally described as Lots 13, 14, 15 Block 14, Minnetonka Bluffs, Hennepin County Minr�esota. 2. Owners request ihe City#o 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 PARTtES AGREE AS FOLLi�1NS: 1. DEPOStT OF ESCROW FUNDS. Cantemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with ihe City. All accrued interest, if any, shall be paid to ihe City ta reimburse the City for its cast in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is ta guarantee reimbursement t�the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consulfant review) or will incur in reviewing the p1an. Eligible e�cpenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow wili also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is cdmpleted in accordance with the Stormwater Pollution Preven#ion Plan and the provisions nf Orona 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 inirastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with building permit #2015-04413 if compliance with the approved building permit is not accomplished. 3. MONTHLY BtLLING. As the City receives consultant bills for incurred costs, the City will in turn send a bil! 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 outlined in#3 above, shall issue a Stop Work Order until the Owners pay alf 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, shalE be returned to the Owners when the revisw 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 expensss incurred by the City exceed the �mount in sscrow,the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: C TY O ORONO OWNER: Chamberlain Capital LLC By: � ✓.�4�^r^�.""".� ��_ Its Manging Member Intemal use only: 0 tkigir►art�Planning o Copy to l�roperty�iwner a copy to S't�eet Fils