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• ' BUILDING PERMIT ESCROW AGREEMENT <br /> ' Orono Building Permit# <br /> AGREEMENT made this day of , 20_, by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City") and ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for located at <br /> the ("Subject Property"), legally described as <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consultant legal and/or engineering review. <br /> 3. The City will commence its review of the application and incur costs associated with said review only if <br /> the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant <br /> review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be <br /> responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used <br /> by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property <br /> or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with <br /> building permit# if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send <br /> a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners <br /> when the review has been completed and written notification is received from the Owners requesting the funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: <br /> By: <br /> its: <br /> In�U�r`�r1�.;. �l��gin�ii :��i`: . .,�9i+� .�� ��` � ��??�I� <br /> Packet Last Updated: April 2014. <br /> Page 19 of 19 <br />