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f ` , , e, � .�� � / <br /> �� <br /> BUILaNG PERMIT ESCROW AGREEMENT� <br /> Orono Building Permit#0�0! 5 -Q70$ <br /> AGREEMENT made this v�� day of 20�, by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation("Cit�')and �,Uu�t �•p����. <br /> Recltals <br /> 1. A buifding permit application has been filed for _�!,� 7�T�uSC_�t-i�YLtt� located at <br /> 3(35 v vo-tk g����..� the ("Subject Property"), legally described as <br /> 2. Owners request the City to review this application which requires City app�oval and may require <br /> consultant legal and/or engineering review. <br /> 3. The City will commence its revi�nr of the application and incur costs associated with said neview only if <br /> the Owner establishes an escrow to ensure reimbursemerrt to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporar�ously with the execution of this Escrow Agreement, <br /> the Owners shaN deposit$2,500 with the Cityr. All accrued irrterest, if any, shal! be paid to the City to reimburse the <br /> City fo�its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursemerrt to the City for atl <br /> out-of-podcet costs the City has incuRed (including planning, engineering, in excess of $500, or iegal consuitant <br /> review) or will incur in reviewing the plan. Eligible expenses shall be consisterrt with expenses the Owners would be <br /> responsible for under a building permit application. The escrow wili aiso guarantee reimbursemerrt to the City for aii <br /> out-of-podcet costs the City has incurred to assure that the woric is compieted in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financiat security may also l�e used <br /> hy the City to eliminate any hazardous c.onditions assoaated with the woric and to repair any damage to public property <br /> or iMrasbvc�re tt�at is caused by wo�ic(induding planning, engineering,or legal consultarrt review)assoaated with <br /> building permlt#ad/S- if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY�LLING. As the City receives consuttant bilts for incu�red costs, the City witl in tum se�d <br /> a bilt to the Owrr�s. Owners shall be responsibte for paymerrt to the City within 30 days of the Ow[�ers'receipt af bill. <br /> 4. DlSBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the <br /> City within the timeframe outlined in #3 above, shall issus a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow ac�ount without further approval of the Owners to reimburse the City for <br /> eligible expenses the Ciry has incu�red. <br /> 6. CLOStNG ESCROW. The Balance on deposit in the escrow, if any, shaB be retumed to the Owners <br /> when all requirements related to�e project are complete. City Staff shall review the te�rns of this escrow agreement <br /> two times per year to determine whether the requirements aF the project have been succ�essFuUy complete� �d <br /> whetl�er it is appropriate to retum tl�e funds. Owner may also request the release�tlie funds, and such fur�s shall be <br /> released upo� City S�ff receiving the appropriate verification that a!1 req�[emerrts of the project have been <br /> successfulty compteted. <br /> 6. CERTtFY UNPAID CHARGES. If the project is abandaned by Owners, or 'rf the eligiWe <br /> exper�ses ir�urred by tlie City eucceed the amount in escraw, the City shaN have the right to cerMy the unpaid balance <br /> to the subject property pursuant to Minn. Stat §§415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNER: <br /> By:�,ar►N�I�ri� V�II,�t�� <br /> �ts: t � t'.e.t! <br /> ��►: g��� uc�►�s�r� <br /> P��r�r u�red: r�ry�s <br /> Page 22 <br />