2015-00055 - escrow fee - Laserfiche WebLink

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BUILDING PERMIT ESCROW AGREEMENT� Orono Buiiding Permit#aOl 5 -G1�05 AGREEMENT made this c�� day of , 20�, by and beriveen the CITY OF ORONO, a Minnesota municipal corporation("City")and �Gfr.l�( �C (�Owners'"}. Recitals 1. A building permit application has been filed for �!.(� �V�-�'�-r�YLtl�" located at 3(35 tl DD�h► ��P.� the ("Subject Property"), legally described as 2. Owners �equest the City to review this application which requires City approval and may require consultant legal and/or engineering review. 3. The City will commence its review of the application and incur costs associated with said neview only if the Owner establishes an escrow to ensure reimbursement to the City af its costs. NOW THEREFORE,'F'HE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escxow Agreemerrt, tt�e Owners shall deposit$2,500 with the City. All accrued irrterest, 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 reimbursemerrt to the City for all out-of-pocket costs the City has incu�red (inGuding planning, engineering, in excess of $500, or legal consultant review) or will 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 reimbursemerrt to the Ci#y for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the Gity to eiiminate any hazardous conditions associated with the work and to repair any damage to puhlic property or infrastructure that is caused by woric(induding planning, engineering,or legal consultant review)associated with bullding permit#ab/S- if compliance with the approved building permit is not accomplished. 3. MONTHLY�LLfNG. As the City receives consultant bills for incurred costs, the City wifl in tum send a bill to the C7�nrners. Owners shall be respansible for paymerrt to the City within 30 days af the Owners`receipt af bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the Ciry within the timeframe oudined 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 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 atl requirements r�elated to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements af the project have been successfully c�mpleted and whether it is apprnpriate to retum the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate ve�cation that all requiremerrts of the project have beert successfully campfeted. 6. CERTIFY UNPAtD CHARGES. If the project is abandaned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right ta certify the unpa�balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY OF ORONO OWNER: By:��V� !'V�� Its: l • � ��11: 0 to� RR��r�S�r�+t'i�e Par,tcet Last Updated: January 2015 Page 22