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BUILDING PERMtT ESCROW AGREEMENT Orono Buiiding Permit# AGREEMENT made this day�f , 20 , by and hettiveen the CITY �F ORONO, a Minnesota municipal corporation{"Gity"} ("Owners"). Recitats 1. R building �aermit apptic�tior, has be.en filed a located at the ("Subject Property"), legally described as a 2. Owners request the City#o review this applica;ion. � 3. The Ci;y wlli c�mmencE its reviewt of th� appli�a;ion and incur casts associat�Ct with said review only if the Chvner estabiishes an�scraw to ensure reimbursement to the City of its cos�s� � � NOW TNEREFORt�NE PARTIES AG#�EE AS FOL.L.f3WS: / � 1. DEPOSl�'\ OF ESCROW FUNDS. Contemporaneously with 4he execution of this Escrow Agreement, the�wners s}i�ll deposit$2,500 with the City. All accrued interest; if any, shall be paid to the City to rQimb��i�se t}ie City for its co��t adrnin%stcriny tlie. escrow accc�unt. 2. PURPQSE OF`ESGROW. The purpose of the escrow is to guaranfae reimbursement to the Gity for all out-of-pocket casts the C2�� has incuired (incluaing planning:'enqineering, in excess af $504, or legal corlsultant r�view} or wiil ircur in V�wing the pEan. Eligibfe e cnses shall be consistant with expenses the Owners would be responsible for un� a�building permit aGp�� n.Tha escrow�vill also ptrarantee reimbursement ta the Cityfor all out-of-pocket costs th Cit�has incurred to sure that the work �s comn�ete� :n accordance with the Stormwater Pollution Prevention Pla nd The provision of Orono Clty Code Chapter 79. The financial security may also be used by the City to eliminate �y hazardo conditions associated wilh the wark and to repair any darnage io pub(ic property �r infrastructure ��af i� ca 'se�i I�y the �vork (inciudi��c� �lanrlr�g, enginceriny, or I�gai consultant reviewj associated vuith building nni��# if com�liance ��;itl� the approved building normit is not accomplished. a'' 3. MONTHLY BILLING. .�is t Cit� ceive�s consultant bilis for incurred costs, the City wil? in turr� send a b+ll tc�the Qwr;ers. Owners shall b respor.si61 f�r payment"to the City�vithin 30 days of the Owrers'recei�t af biil. d. DfSBURSEMENTjFROM ESCROW ACCO T. inzhe event That the Owners do not make payment to ' the Giiy within the tiil�e�rame o �inea in #3 a�ove, sE�ail issu� � Sto� Work Order- ur�til fhe Owners pay all expens�s invoiced pursuant to#3. The y n�ay draw frdm the escro��v account with t`�Erther apFrovai of Ette Owrc�rs tu r�imburse �e City for eligible expense� CiEy has incurret�. � 5. CLO `ES�ROW. The 8alance on deposit in the escrow,if any,shall�e returned ta tt7e Owners when all requiremen r�elatea t he project are compiete, Cit}�Staff shall review the terms of this escrow agreernent tvdo ti,7�es rer yea o d2tem�in�whather the r-equirements af tn� pr�ject havc� bec:n suecesstully cc�mpfeted and whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate veri(ication that afl requirements of the project have been successfully completed. � fi. CERT(FY Ut�PAID CHARGES. If ttte projeci is abardor�ed by Ovdners,or if t�re eflgible expc�nses inc.urred 6y the City exceed the an�oun#in es�rov�r, ttae City shall have the right to certify;he unpaid balance to t�e subject property purs�;ani to Minn. StBt.§§415.Q1 flnd 366Al2. CITY: CfTY OF ORONO OWNER: BY� -- i ts: " ---._ . . _ __ _ _ _ . _. _ — -- — --- --- , Internal Use`4nly: '�Origlnal ta Planning O Copyto Properiy Owner ❑Copyfo Street File� � � _...--- ___ ----_ _ _- - — —__ s. LBst Updated: January 20�5 _ _