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2015-00248 - escrow fee
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2015-00248 - escrow fee
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Last modified
8/22/2023 3:42:27 PM
Creation date
6/28/2017 9:13:56 AM
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Address
House Number
3438
Street Name
Lyric
Street Type
Avenue
Address
3438 Lyric Avenue
Document Type
Permits/Inspections
PIN
1711723430077
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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# �_.!'?l5 �f7('�Z�� <br /> i <br /> AGREEMENT made this Z� day of ��`��, 20 �5 by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City")and t1aS 1-�0 ^'�-S ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed for ,Y'�'I i45 ��"'�-S located at <br /> 3�l 3� L����- �-v� thfe ("Subject Property"), legally described as <br /> �'� Z3 Filo�-�- � J�d�/kY'f'e� #-}2�fL'7'S <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consultant legal and/or engineering review. <br /> 3. The City will commence its review of the application and incur costs associated with said review only if <br /> the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant <br /> review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be <br /> responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used <br /> by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property <br /> or infrastructure that is caused byrthe work(including planning, engineering, or legal consultant review)associated with <br /> building permit# �'��` �( � if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send <br /> a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> Ciry within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be <br /> released upon City Staff receiving the appropriate verification that all requirements of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance <br /> to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY F ORONO OWNER: <br /> By: ��+iks �o:�s , �u�� �Gy <br /> �ts: Id�i� �i� � <br /> Intem�l Use Only: 0 OriglnaF to Flnance Departmenf ' Copy to 5#reet File <br /> Packet Last Updated: January 2015 <br /> Page 22 <br />
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