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BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit#...2)017-00-77(71 1-- Lail (km_ 61-3ct`d <br /> AGREEMENT made this I? day of 1-(,t. ki , 201 1, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") 4,1<Nrrm ("Owners"). <br /> Recitals <br /> 1. A building permit application h.s been filed a �. <br /> lnti,xe located at ;, , tit i i the ("Subject Property"), legally <br /> described as o+n . Lot- 3'9 a - 3 4t w a OA <br /> vt r v.k <br /> L 6_ c�.- <br /> r`n-' <br /> 2. Owners request the City to review this application. <br /> v� a <br /> • <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if 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 <br /> Agreement, the Owners shall deposit $2,500 with the City. All accrued interest, if any, 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 guarantee 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 consistent with expenses the <br /> Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security <br /> may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with building permit #oZt, l7-Bb -1 -7'- if compliance with the approved <br /> building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to <br /> the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse <br /> the City for 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 <br /> be 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 expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: <br /> By: U141,14-1w V <br /> Its: r Won rr / + Vir 7/ /7 <br /> Internal Use Only: 0 Original to Planning 0 Copy to Property Owner 0 Copy to Street File <br /> Last Updated: January 2016 <br />