2016-01170 - escrow fee - Laserfiche WebLink

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BUlLDING PERMIT ESCROW AGREEMENT Oro�o Building Permit# �D/(� —. D 1/(o � r,� AGREEMENT made this ZZ day of i'YI�;20 1(0, by and between the CITY OF ORONO, a Minnesota municipal corporation("City")and -�i'ar,lr,i �-7 y�� t-Z ("Owners"). • Recitals - 1. A buiiding per it applica ' n has been filed for )`Q�`: •�-16Yv�s�- Iocated at 15 �c� �� 0� f the ("Subject PropertyA), legally described as l 2. Owners request the City to review this application which requires City approval and may require consultant legal andlorengineering review. 3. The City will commence its review of the application 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, TIiE PAR7IES AGREE AS FOLLOWS: 1. DEPOSR OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agresment, the Owners shall deposit$2,5p0 with the City. All accrued interest,if any, shall be paid to the City ko 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 incurred(includirx,�planning,engineering, in excess of$500,or legal consultant review) or will incur in reviewing the plan. Eiigible expenses shall be consistent with e�cpenses the Owners would be responsible for under a building permit appfication. The escrow will also guarantee reimbursement to the City for afi out-of-pocket costs the City has incurred to assure that the work is completed in aCCordance with the Stormwater Pollution Preven6on Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous condi6ons associated with the work and to repair any damage to public property or infrastructure tt�at is caused by the work (including pianning, engineering, or legal consultant review) associated with building permit # ��?�;--�..,)I i�'7if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills#or incurred cosfs, the City wiil in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' neceipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Ownsrs do noi 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 acxount 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, shal� be returned ta the Owners when all requirements related to the project are complete. City S#aff shal� 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 tunds. Owner may also request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate verificatian that all requirements of the project have been successfully completed. 6. CERTIFY UNPAtD 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 unpaid balance to the subject property pursuant to Minn.Stat. §§415.01 and 366.012. CITY Cl F O O OWNER: By: �� --.. �ts: l�-'�h�/ pf�� iIntemal Use Only_ G Original to F�nce Depa ent O Copy to Street Ftle Packet Last Updated: August 2015 Page 23