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Y 1 • BUILOING PERMiT ESCROW AGREEMENT Land Use Application#2012-3575 O�'r�ono Building Permit#2013-00005 AGREEMENT made this ;(� v'day of '�f3"��-f��X�, 20'�, by and between the CiTY OF ORONO, a Minnesota municipal corporation("Cit�')and Scott& Meliss�/Musaierd ("Owners"). Recitals 1. A building permit application has been fi{ed for a new sinqle familv home located at 4156 Hi4hwood 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 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 AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Co�temporaneously with the execution of this Esc►�ow Agreement,the Owners shall deposit$2,500 with the City. AI�accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW.The purpose of the escxow is to guarantee reimbursement to the City for al{ out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant rev'rew} ar will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for atl out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to elirninate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant raview) 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 da not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Orcier until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow accounf without further approvaf 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, shall be retumed to the uwners when the review has beer c,ompieteu anc: wriitie�� otifi�iicr. :s rsceived from the 7wn?r� re�+.�e�tinc� !he funds. 6. CERTIFY UNPAID CHARGES. (f the project is abandoned by Owners,or if the eligibfe expenses incurred by the City exceed the amount in escrow, the Ciry shall have the right to certify the u aid baiance to the subject property pursuant to Minn. Stat.§§415.01 and 366.�12. ' r o b i--: .� .� ,, j, crnr• e�TY o pRoko � �,� � By: ', Its: � J � _�_ ?'� ,�� _.. ..__. , I ��-��°'xa��id�l��„ �� C3�'f��-:�_,:;:�� i