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BUILDING PERMIT ESCROW AGREEMENT Land Use Appiication#2012-3575 Orono Building Permit#2013-00005 AGREEMENT made this ;'�``�day of '-_..��!-�:.';�;.�';'f, 20'�, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City")and Scott& Meiissa�Musqierd ("Owners"). Recitals 1. A buiiding permit application has been filed for a new sinqle famiiv home located at 4158 Hiqhwood Road, the ("Subject Property"), legally described as Lot 23 Hiqhwood Lake Minnetonka, Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The City wiil 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 shall deposit$2,500 with the City. Ail accrued interest, if any, shafl be paid to the Cify to 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 (inciuding planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligibie expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow wiil also guarantee reimbursement to the City for ail out-of-pocket costs the City has incurred to assure that the work is compieted in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may aiso be used by the City to eliminafe any hazardous conditions associated with the work and to repair any damage to public property ar infrastructure fhat is caused by the work (including planning, engineering, or legal consultant review) associated with Land Use Application #2012-3575 & Orono Building Permit#2013-00005 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. 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 all 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 ESCR01Al. The Bala�ce on deposit in the escrow, if any, shall be returned to the .- . . . � ' � ' �,r�t��..i]i��r �� ,�r-vi,�n� *�rJm. fhc ,t�5;?'7�ru- rt+r�f��vc�t fT;± IHt� :JWf 1@!"S Wf1G�'tf t�1C (bV��W (i8S �t:P.11 l:.ufl�iGi6i{-�.'u r](iu vu�ila;i-i ��..i ��----••-- . - .. -� tUl1CIS. 6. CERTIFY BJhCPAlE9 CFdARGcS. if the project is abandoned by Owners, or �f the eiigible experses in�urred 'oy the City exceed the amount in escrow, fhe City shail havs the right t� certii,the u afd bafance to tne subiect propertv pursuant to Minn. Stat. §S 415.01 and 366.0'12. '� i — �l" ClTY• GtTY O (7RQN0 �1�'I�� ' � � �.' �t; d" ' � /t ` j� � .i.� �� , . ,(-�G'n� /` i By: ,rr .� ��, ; ,ts n i � �'� ; : ---- — -----, ♦.., . �.,m . N� - �- {y . �- *'s �.-. p� � T*rvn ;-i�3�i's^$r'f3��;fi�ifT ::. � =tlic!'�'lkJt C##�'1w�T7� , �,t 4�'fi��ldl4fY;E'L?SC��Y111S71ft�: _, i�.E SsaIX'+>j'a-�:v t,�af�S4:Lsq.LJYe`i1Gi. , ;fr(,.....�.,,t y w� ...�, ::. � i