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r r BUILDING PERMIT ESCRO AGREEMENT Orono Building Permit#—i��L'1-��v AGREEMENT made this `( day of ��1 ��'�20�, by and between the CITY OF ORONO, a Minnesoka municipal corporation("City")ADAIu1 �/:E�Z.I�?A1-CfZ ("Owners"). R itats 1. A building permit ap lication has been filed a L `f ��'(l�"�-' � iocated at �7�i� �� CSubject Property"), legally described as }- o� � G�t(� 2. Owners request the City to review this application. 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,THE PARTIES AGRE�AS FfJLLOWS: ��c �i,v 1. bEPOSIT OF ESCROW UNOS. Contemporaneousiy with tltie sxecution of this Escrow Agreement, the Owners shall deposit$ , 00 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in adm' istering 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 incu�red (including planning, enctlneerina, tn excess ot SS00, o� legal consultant review) or will incur in reviewing the plan. Eligible expenses sha11 be cansistent with expenses the Owners would be responsible for under a building permit application.The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordartce with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.Trte financial security rnay also be used by the City to eliminate any hazardous canditions associated with the worfc and to repair any damage to public property or infrastructure that is caused by tt�e work (including planning, engineering, or legal consultant review) associated with building permit #,`�t)/�,,- n,�,�,� if campliance with the approved building permit is not accomplished 3. MONTHLY BILLING. As the City receives consultant bi11s for incuRed costs, the City wiil in turn send a bitl to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt af 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 abave, shall issue a Stop Work Order until the �wners pay att expe�ses invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eNgibie expenses the Ciiy has incur�ed. 5. CLOSING ESCROW. The Balance on deposit in the escrow,if any,shall be returned to the Owners when all requirements related to the project are compfete. City Staff shall review the terms of this escrow agreement two times per year ta detertnine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate ver�cation that all requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses incu�red by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant ta Min�. Stat. §§415.01 and 366,012, CITY: CITY OF RONO OWNER: BY: L��- �� ,�,��, Vs��,�,��-� �� �ts: (�1.�,��-� Intemat Use Onty: O�riginal to Plannl�g �Copy to PropeMy Owner 0 Copy to Street Flle Last Updated: Janvary 2016