2017-00016 - escrow fee - Laserfiche WebLink

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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permlt# ,Q I 7 " ��j � AGREEMENT made this ��day of -�-��-�ti��`�20/�, by and between the CITY OF ORONO, a Minnesota municipal corporation("Cit�')(��r T �r- A�nn.t.c+t�z ("Owners"). Recitals �5`�� 1. A buildin permit application has been flled a �� Z� LA-�iv��i.+ ��-�-4�+�v�.,located at the ("Subject Propert�J'), legally described as Lv ,— Zv �l ��i L.a-�u a v � 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. 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 Ciry 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, ens�lneerina, in excess of 5500, or legal consultant review) or will lncur in revlewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsibie for under a building peRnit applica�on.The escrow will a�sa guarantee refmbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is compfeied 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 eliminate any hazardous condftions associated with the work and to repair any damage to public property or infrastructure that is caused by the work.(including pianning, enginearing, or legaf consultant review)assocfated with building permit# �i:/�7-G�OL�I� if compliance with the approved • buifding permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a biil to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt of blll. 4. DISBURSEMENT FROM ESCROW ACCOUNT. in the event that the Owners do not make payment to the City within the timeframe outli�ed in#3 above, shall issue a Stop Work Order until the Owners pay all expenses involced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incuned. 5. CLOSING ESCROW. The Balance on deposit in the escrow,if any,shall be retumed to the Ovmers when all requirements related to the proJect are complete. City Staff shali review the terms af this escrow agreement two times per year to determine whether the requirements of tha project have been successtuAy completed a�d whether it is appropriate to return the funds. Owner may alsa request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate verification that ali 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. 1 C : I OF OWN�{:; B . _ Its: �[1.� Intemal Use Only: O Orlglnal to Planning 0 Copy to Property Owner �Copy to Street File Lest Updated: January 2016