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. . f BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit# �/.S-D/�� AGREEMENT made this �8t� day of November 20� by and between the CITY OF ORONO, a Minnesota municipal corporation("City')and ar c � nita i ecky ("Owners"). Recitals 1. A building permit application has been filed for New home located at 515 Kokesh Farm Road the {"Subject Property"), legally described as Lot 1 Blk 1 KOKESH FARM 2. Owners request the City to review this application wliich requires City approval and may require consultant legal and/ar engineering review. 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. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All 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 escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred(including planning,engineering, in excess of$500, or legal consultarrt review) or 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 all out-0f-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 atso be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused b t e work (including planning, engineering, or legal consultant review) associated with building permit # �1i �`� compliance with the approved building permit is not accompfished. 3. MONTHLY BILLING. As the Ciry receives consultant bills for incurred costs,the Ciry 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 approvat of the Owners to reimburse the Cityr for eligible expenses the Citp has incurred. 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 complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate verification 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 incurred by the City exceed the amount in escrow,the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. _ CITY: OF ORONO O ER: By. 1 `Fs /S � �� I� ItS. �-,rv�.W� ��L� o•- / AM%�r..:_ --- _ _ _ tt�1''�e#kt�: ;' :.... . _. . � . � t� .., 1��wt�e Packet Last Updated: August2095 Paqe 23