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t BUILDING PERMIT ESCRO AGRfEMENT Orono Butlding Pern�it# O 4nA t.��l uu- Pr�,prc4 v�- �v.3tco J AGREEMENT made this � da of i ,20�0 , by and betv�en ths CITY OF ORONO, a Minnesota municipai corporation("City') 4,/' {"Owners'). Recitals 1. A building permit appiication . _ h s d been filed a G located at 'th��5ubject Propeity"), legaily deSCribed L.8'1� ?.Z-V� OU�- /'/' 2. Owners request the City to review this application. 3. The Cityr will cammence its review of the application and incur costs as.sociated vui� said review on{y if the Owne�establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneousiy with tfie execution of this Escrow Agreement,the Ovmers shall deposit$2,500 with the City. All accrued interest, 'rf any,shall be paid to the City to reimbu�the City for its cost in administering the escrow accouM. 2. PURPOSE OF ESCROW.The purpose of the escmw is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, en ineenin�. in excess of 5500, or legal consuftant review) or will incur in reviewing �e plan. Eligible expenses shall be consistent v,Ath expenses the Owners would be responsible for u�der a buitding permm�application.Tt�e escrow will aiso guarantee reimbursement to the City for all out-of-podcet costs the City has incurred to assune that the vw�rk is c�mpleted in accordance with the Stormwater Pollution PreveMion Plan and the provisions of Orono City Code Chapter T9.The financial security may also be used by the City to eliminate any hazardous conditions assoaated with�e work and to repair any damagc to public property or infrastrudure that is aaused the rnroric ('mcluding ptanning, engineering, or legal consuitant review}associated with building pertnit# a�0�lp-DO�o�O if campGance with the approved budd'mg�it is not acxomplished. 3. MON7'HLY BILUNG. As the City receives consultaM bills for incurretl costs,the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the Ciry within 30 days of ihe Ovmers'receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make paymeM to the City within the timeframe outtined in#3 above, shaU issue a Stop Work Order uMil the Owners pa�r all expenses invoiced pursuant to#3. The City may draw ftom the esaow acxount without further approval of the Owners to reimburse the City for eligib�expenses the City t►as incurred. S. CLOSING ESCROW. The Batance on deposit in the escrow,if any,shaN be retumed to the Qwners when all requiremerrts related to ths project are complete. City Statf shall rtview the terms of this escrow agreement two dmes per year to determine whether the requirements of ihe project have been successfulty completed and whether it is a�ropriate to retum the tunds. Owner may also requesi the release of the lunds,and such fu�ds shaq be reteased upon City Staff receiving the appropriate verification that alI requirements of tl�e 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 U�e amouM 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: (TY OF OF�ONO OWNER: � ,. /`�"' � B � �-� , .�"l.L.r; �t' Y� „ � �l Its: ! '� � i�Z-�.,..;�:� ' ,� Internal Use Ooly: G Original to Piaoning O Copy to Property Owner �Copy to Street File Last Uodated- Jenuarv 20f6