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• BUILDING PERMIT ESCROW AGREEMENT ' 0 no Bullding Perm�t#2013-00255 i h� nq i AGREEMENT made this o� day of !"`a , 20 ��, by and between the CITY OF ORONO, i a Minnesota municipal corporation("City")and Benjamin Nancy Johnson ("4wners"). � ec als 1. A buiiding permit application has been filed for a swimming pool located at 525 McCulley Road the("Subject Property"), legally described as Lot 1, Block 2, Turnham Toli Addition, Hennepin County Minnesota, 2. Owners request the City to review this appiication, � i 3. The Cfty 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 PARTIE3 AGREE A3 FOLLOWS: 1. DEPOSIT OF ESC DS. Contemporaneously with the executian of this Escrow Agreement, the Owners shall deposi $2,500 th the City. All accrued interest, if any, shall be paid fo the City ta reimburse the City for its cost in adm g the escrow accaunt. 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 (inciuding planning, engineering, in excess of $5d0, or legal consultant r�view) or will incur in reviewing the plan. Eligible expenses shall be consistent wlth expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incuITed to assure that the work is completed in accordance wlth the Stormwater Pollution Prevention Plan and the provislons of �rono City Code Chapter 79. � The financial securiiy may also be used by the City to eliminate any hazardous conditfons associated with the , work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or fegal consultant review) associated with building permit #2013-0255 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the �wners, Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Ovmers do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pey all expenses fnvoiced pursuant to #3. The City may draw from the escrow account without iurther approval of the Owners to � reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owners when the review has been completed and written notification is received from the Owners requesfiing the funds. 6. CERTIFY UNPAID CHARGE3. If the project is abandoned by Owners, ar if the eligible expenses ; incurred by the City exceed the amount in escrow, the City shall have the right ta cer�ify the unpaid balance to the subject property pursuant to Minn, Stat. §§415.01 and 366.012. CITY: CITY OF ORONO OWNER: By:`r / , ` ''(,/� � Its: �� fG��J