2017-00603 - escrow - Laserfiche WebLink

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t . .., BUILOING PERMIT ESCROW AGREEMENT Orono Buiiding PeRnit#_ o�D/7-d!�(�0�. AGREEMENT made this�dsy of /� 20� by and belween the CITY OF ORONO, a Minnesota municipal corporation("Cit�') _�h�� (�� ("Owners"). Recitals 1. A building ermit application has been filed a 3v1� IU3,t� Sk.arG (,�loc;ated at the (`Subject Property'), legally describedas Lo7'� f—�o ��!'r� a �acta �.q�te.. /��NJU��,,.�cq 2. OMmers request the City to review this applicatlon. 3. The City 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 PARTIES AGREE AS FOLtOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shall dep�it$2,500 with the City. AA accxued interest,ff any,shail be paid to the City to reimburse the City for its oost in administering the escrow account 2. PURPOSE OF ESCROW.The purpose of the escrow is to guarentee reimbursemeM to the City for all out-of-podcet costs the City has incxirred (induding planning, snafneerin�. In excess of 5500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shaA be c�nsistent with expenses the Ormers would be responsble for under a building permit application.The escrow wiii also guarantee reimbursement to the City for all out-of-pocket costs the City has incwrred to assure that the vNork is completed in accoMance with the Stormwater Po1luUon Prevention Plan and the provisions of Orono City Code Chapter 79.The flnanc�aal security may also be used by the City to eliminate any hazardous c�nnditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (induding planning, engineering,or legal consultant revfew)associated with bullding permit#070l7_UOloOoZ if comptlance with the approved building permtt is not aocomplished. 3. MONTHLY BILLING. As the City recelves consultant bilis for incurred c�sts,the City will in tum send a bill to the Owners. 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 wfthin the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The City may draw from ihe escrow acc�unt without furtlier approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balanc�o�deposit in the escrow,ff any,shail be retumed to the Owners when all requiremeMs related to the project are compiete. City Staff shall review the tenns of this escrow agreement two times per year to determine whether the requirements of the project have been succesafully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall be released upon Clty Staff receiving the appropriate verification that all requirements of the projed have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses incurced by the City exceed the amount in escrow,the City shall have the�ight to certify the unpaid balance to the subject propetty pursuant to Minn.Stat.§§415.01 and 366.012. CITY: CITY OF ORONO OWNER• � By/';�YYIN ��,�/L�Ca/!T/L!� (� � I�S: �temal Use Only: 0 Odginal to Piann(ng �Copy to Property Owner 0 Copy to Street Flle leat Updated: Jenua►y 2016