2016-01090 - escrow - Laserfiche WebLink

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Authentisign ID:CBP4DC2P-P076-4D4A•9AB6-F84583164126 � BUILDING PERMIT ESCROW AGREEA9EIdT , Orono Buiiding Permit# LO�La — U�� AGREEMENT made this rP��`" day oi , 20� by and between the C1TY OF ORONO, a Minnesota municipal corporation ("City")and Zacl.� l�t:sl�e,._ p��r�, �°pwnersu� R�itals 1. A building permit application has been �ted for a 2.'6 $�,�•� o�dc��i� located at 3/V S Nor}i. .�..,r-�. Dr. � OR•no the ("Subject Property"), IegaHy described as "fr'�►+t�k' 4 . K�.�..S. �o. I lt3 H�,.nep.'�-CT,t MW 2. Owners request the City to review this application which requires City approval and may require consultant legal and/ar engineering revisw. 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 RARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneousiy with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any,shali 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 incu�red(including planning,engineering, in excess of$500, or legal consultant review} or will incur in reviewing the pian. 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 alf out-of-pocket costs the City has incurred to assure that the worlc is completed in accordance with the Stormwater PoHution Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security may also be used by the City to eliminate any hazardous conditions associafed with the work and to repair any damage to public property or infrastructure that is caused by the wo�k (including planning, engineering, or legai consultanl review) associated with building permit #l�jfA�-D/D�if compliance with the approved buiiding permit is not accompiished. 3. MOIdTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum send a bili to the Owners. Owners shall be resp�nsible for payment to the City within 30 days of the Owmers' receipt of biil. 4. DISBURSEAAENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shail issue a Stop Wor1c 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, shail be returneri to the Owners when all �equirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times pe�year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may afso request the release of the funds,and such funds shall be released upon City Staff receiving the appropriate ver�cation that all requirements of the project have been sucr.essfully com pleted. 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 City shail have the right to certify the unpaid balance to the subject property pursuant to Minn.Stat. §§415.01 and 366.012. CITY• CtTY O OlVO O �N By. �� cor Its: � 1E 1�k CDT PIA.n�� �nternal Use Onty: O`,Originai to Ei :" c�Depa�ment opy to.Street File Padret Lasf Updated: August 2015 Page 23