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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit#2011-OOOQ5 and Land Use Apptication#11-3532 AGREEMENT made this 2� day of , 20 �j , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and 1 cri�r- �� ("Owners"). Recitats 1. A building permit application has been filed for a new residence including a variance and a conditional use permit located at 3095 NoRh Shore Drive, the ("Subject Property"), legally described as: that part of Tract A, RLS No. 670, Hennepin County, Minnesota, lying southwesterly of the following described line: Commencing at a point in the northwesterly line of said Tract A, distant 150 feet northeasterly from the most westerly corner thereof; thence southeaste�iy parallel with the southwesterly line thereof to the shoreline of Lake Minnetonka. 2. Owner requests the City to review the applications. 3. The City will commence i#s review of the application and incur c�sts 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 FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 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 (including planning, engineering, in excess of $500, or legal consultant review) or witl incur in reviewing the plan. Eligible expenses shall be consistent with 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 Ciry has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono Ciry Code Chapter 79. The financial securiry may also be used by the City to eliminate any hazardous conditions associated with the wark and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) associated with building permit#2011-00005 and land use application #11-3532 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bilks for incurred costs, the City will in turn 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 svent that the Owners do not make payment to the City within 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 the escrow account without further approval of the Owners to reimburse the City for etigible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retum2d to the Owners when the review has been completed and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the Ciry shall have the right to certify the unpaid balance to the subje rty pursuant to Minn. Stat. §§415.01 and 366.012. ,-? CITY: CI 0 O OWIyER: �;'�� /� ---�'`"� � u�v.'�`--`=��i�.--y � By: �, , tts: /"�, fr t,-r�y ! C,�.0 c> [rrteii�al�lse'Qn�Yi`' � G Driginal,4o Finance Departrnent �Copy to Straet File