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BUILDINO PERMlT ESCROW AQREEMENT � �� r'w (�_`�� <br /> Orono Buitding Permit#201400242 and Q � <br /> Demolition Perrnit�2093-00974 <br /> AOREEMENT made tfi�is�day cf n�� 20,�,�,by and between the CITY OF ORONO, <br /> a Minnesota municfpal corporatbn(`C�Soott&Jili ne("Owners"). <br /> Recitals <br /> 1. A buiiding permit epplication has been filed for a new principal structure located at 260b Keliy <br /> Avenue the('Subject Prope�,IegaNy deacribed as l.ot 5,Block 5 of Townsite of Lengdon Park,Hennepin Co�iy, <br /> Mfn�esota,induding the adjoining vacated 34 feet of Kelty Avenue. <br /> 2. Owners request the City to revlew this appiicatron. <br /> 3. 'Che C�y wfli commence�s revIew of the app�ccation and incur costs�sociated withh said review <br /> only if the Owner esfab8shes an escrow to ensure reimiwrsemerit to the City of�s c�sts. <br /> NOW THEREFORE�THE PARTIE8 AOREE A3 FOLLOWS: <br /> 1. DEPOSIT OF E8CROW FUND8. Contemporaneously with the eocecution of this Escrow <br /> Agreeme�rt,the Owners shap deposit$2,500 wtth the City. AN accn�i finteres#, if eny.aha{I be paid to the City to <br /> reimburse the Cfty for its cost in administering the escraw acc�ount. <br /> 2. PURPOSE OF ESCROW.The purpose of the escrow is to guanartitee reimbursemeM to ihe CRy <br /> for ail out-of-pocket c�osts the City has Incurred {lncluding planning, engineering, in excess of $600, or le�ai <br /> cons�ant review) or wili incur in reviewing the plan. Eligible e�enses shali be consistent with expenses the <br /> Owners would be responsibte for under a bui(ding permit application. The escrow wiU also guarantee <br /> re&nbursement to the City for all out-of-podcet costs the Clry has incurred to assure that the work is compl�ed in <br /> accordance with the Stomiwater Pollutbn Prevention Plan and the provisions of Or�ono C1ty Code Chapter 79. <br /> 't'he flnancial secw�ity may also be used by the City to et�ninete any hazardais oond(tions associated with the <br /> work and to repair any damege ta public property or�frastructure that is caused by fhe wsark(including plannin8, <br /> en�inee�ing, or legal consultarrt review) assodated wlth buiiding pennit #201400242 8 demolition permft <br /> #1013-009T4 if compliance with the approved buddins pertnit is not exomplished. <br /> 3. MONTHLY BlLLIIVCi. As the City receives consukarrt bills for incurted c�sts,the City will in tura <br /> send a bill to the Owners. Owners shall be responsible for paymerrt to the City within 30 days of the Owners' <br /> �ece�t of bUl. <br /> 4. DISBUR8EMENT FROM E8CROW ACCOUNY. fn the eveM that the Ownera do not make payment <br /> to ihs City wilhin the timeframe ouilined in#3 above,shall issue a Stop Work Order uMil the Owners pay ai[expenses . <br /> invoic� pu�snant to #3. The City may draw from the escrow account without furlher approval of the Owners to <br /> reimburse the Cily far el�ible expersses the City has incurred. <br /> 5. CL081N0 ESCROW. The 8aisnce on deposit in #he escrow. if arry, shall be returned to the <br /> Owners when tha review has been c�mpfefed and written not�ication is received from the Ownere requeetinp the <br /> funds. <br /> 8. CERTIFY UNPAID CHARGE8. lf the project is abandoned by Owners,or if the eilgible expenses <br /> �curred by the Clty exceed the amounf in escrow,#he City shall heve the rlght to certify the unpaid balance to tha <br /> subject property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY: C17Y OF OROMO OWNER: <br /> By. <br /> Its: <br /> .�..:�.� � .. _� �:� � ..,�,�,:... � ---_P . . ;`;,..;��..fDItY��'$.�'lIA�,�31� <br /> � r...,„.�,��. <br /> ��.��.t���!►";�.�,�,�.;��;�;i0:��fliniil:���a��n1�#0:°::....'1�.�.. pY:to �+��.�Y�4.9I►.n.+P,!'��:��::::���� ,� <br />