2016-00820 - escrow fee - Laserfiche WebLink

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r I BUILDING PERMIT ESCROW AGREEMENT � Orono Building Permit# �Lb I l�—��h � ' AGREEMENT made this�day of �1 ��`� �Q�, by and between the CITY OF ORONO, a Minnesota municipal corporation("City")and !'J ,H�YY) ,�'t(�� (°Owners"). Recitals 1, A building permit application has been filed for /V�-�-� �-/�Tyy�Q located at y315 f,q,�,yi� C�' the ("Subject Property"), legally described as 2 /aclG � L.e vir�� r iir.tr,r� 2. Owners request the City to review this application which requires City approval and may require consultant legal and/or engfneer(ng revfew. 3. The Clty will commence its review of the application and incur costs assocfated with said review oniy if the Owner estabiishes an escrow to ensure reimbursement lo the Cily of its cosis. 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 consultant 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-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 flnancial security may also be used by the City io eliminate any hazardous conditions associated with the work and to repalr any damage to public property or Infrastructure that is caused by ihe work(includfng planning,engineering,or legal consultant review)associated with bullding permit#70��—U�BZ/ if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City wilt in turn send a bill to the Owners. Owners shall be responsible for payment to the City wlthin 30 days of the Owners'receipt of blll. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event lhat lhe Owners do not make payment to the City withfn the timeframe outlined in #3 above, shail 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 ihe 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 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 determfne whether the requirements of the proJect have been successfully completed and whether it is appropriate to return the funds. Owner may also request the release of ihe funds, and such funds shall be released upon City Staff receiving lhe appropriate verification that atl 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: CITY OF ORONO OWN . ey; ' �,,r�--� 4� �ts: �l�� 1�� a�� .r y �O Origi.nal ta�.Flnance Departme�it;."�.: •'� �opy to Street'Fi1Q Ihterr�al Use b,nl '�:;" - Packet Last Updated: January 2015 Page 22