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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Buiiding Permit#2011-00909 <br /> AGREEMENT made this o�^� day of -s �� , 20 ��, by and betWegn th CITY OF ORONO, <br /> a Minnesota municipal corporation(°City°)and � • ,k.wv A�t srr,rww� �.��RrA� ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for two detached garages located at 2350 Longview <br /> Circle,the("Subject Property"),legally described as Lot 6, Block 1, Longview, Hennepin County Minnesota. <br /> 2. Owners request the C�y to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes a�escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneousiy with the execution of this Escrow <br /> AgreemeM, the Owners shall deposit$2,500 with the City. All accrued interest, if 8ny, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guararrtee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consisterrt with expenses the _ <br /> OHmers would be responsible for under a building permit application. The escrow wilt also guarantee <br /> reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in <br /> accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. <br /> The financial security may also be used by the City to eliminate any hazardous conditions associated with the <br /> work and to repair any damage to public property or infrastructure that is caused by the work(including planning, <br /> engineering, or legal consultant review) associated with building permit #2011-00909 if compliance with the <br /> approved building permit is not accomplished. <br /> 3. MONTHLY BILLIN�3. As the City receives consultant bills for incurred costs, the City will in tum <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bilt. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shaU issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may dra�nr from tlie escrow account without further approval of the Clwners to <br /> reimburse the City for eligible expenses the City has incumed. <br /> 5. CLOSING ESCROW. The Balanc:e on de�sit in the escruw, if any, shall be retumed to the <br /> Owners when the review has been completed and written notification is received from the Owners requesting the <br /> funds. <br /> 6. CERTIFY IJNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred the City exceed the amount in escrow,the City shall have the right to certify the unpaid balance to the <br /> su ' pro y pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CI : C F OR OW ER: <br /> By: <br /> �ts: ' <br />