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' • BUILDING PERMIT ESCROW AGREEMENT <br /> �e�n� �rm�� `� <br /> . Orono Building Permit# i�i_�i l5 -CX�Z�� � Z(���=(`}�.�j�-{-� <br /> i <br /> AGREEMENT made this Z� day of � �"�`t , 20 �5 by and between th�Y OF ORONO, a <br /> Minnesota municipal corporation ("City") and tlu5 l�-�o '�-S �'�`'ti(°Ov�n�rs."). <br /> �A� <br /> Recitals /1 <br /> 1. A buildin ermit a lication has been filed for 45 '��'�-S �, ` <br /> 9 P PP � located at <br /> ��l 3 u ������- �� the ("Subject Property"), legally described as <br /> �'�' z3 Fyicc� � ,/V�t��r+�.� #-���s `�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 leaal consultant <br /> review) or will incur in reviewing the plan. Eligibl� d be <br /> responsible for under a building permit applicatic �r all <br /> out-of-pocket costs the City has incurred to ass vater <br /> Pollution Prevention Plan and the provisions of O �sed <br /> by the City to eliminate any hazardous conditions _ � �1 ���( � �� �erty <br /> or infrastructure that is caused by the work (includ � with <br /> building permit# �,�f��' `�=C.,G�I�� if compliance p,,�„ J,,,,,�7 <br /> LldY\1�(� <br /> 3. MONTHLY BILLING. As the City � ��� � bw�� ���•�� ;end <br /> a bill to the Owners. Owners shall be responsible �ill. <br /> 4. DISBURSEMENT FROM ESCROVI � l�u l/rv O�r����� � the <br /> City within the timeframe outlined in #3 above, shal �-1 iced <br /> pursuant to#3. The City may draw from the escrow y for <br /> eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balan� ��' " � �r�� ��� <br /> . � �ers <br /> when all requirements related to the project are cc 'P � _.. �� ,�(� W I � n ient <br /> two times per year to determine whether the re � � and <br /> whether it is appropriate to return the funds. OwnE �� �� ����' I be <br /> released upon City Staff receiving the appropr een <br /> successfully completed. ��� _ '�p�C�l y/► .� �-�j h/ �t <br /> 1�t, J 1��• � - � <br /> 6. CERTIFY UNPAID CHAf 'q/y�,A �Ja�y�� ible <br /> expenses incurred by the City exceed the amount ���-�'"�' nce <br /> to the subject property pursuant to Minn. Stat. §§ 4._... . ...,,. ,,,,,,.,, ��. <br /> CITY: CITY F ORONO OWNER: <br /> B�/;� .��`�/ ���'�S � !vl l4✓f� ""G� <br /> �tS: �VKA, w� <br /> Internal Use Only: ' Original to Finance Department �Copy to Street File <br /> Packet Last Updated: January 2015 <br /> Page 22 <br />