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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit#2016-00701 (in-ground pool) Land Use Application#2016-00744(minor land alteration) ' AGREEMENT made this l day of , r , 20t , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City")and Mi'hael :t; b Benedict("Owners"). Recitals 1. A building permit application has been filed for an in-ground swimming pool located at 25 Orono Orchard Road N the ("Subject Property"), legally described as that part of SW 4 of SW % of SW Sec. 35, T118, R23 lying SWLY of Orono Orchard Road, except that part of the west 250 feet lying north of south 400 feet, and except that part of west 50 feet lying north of south 374 feet thereof Hennepin County Minnesota. 2. Owners request the City to review this application. 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 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 vfrill 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 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 City to eliminate any hazardous conditions associated with the work 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 #2016-00701 and zoning permit #2016-00744 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills 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 event 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 eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned 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 City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY OF ORONO/N116 yO��WNNER: �j �j /, .. • By: CiAltibliV—, e In e,/0-- Its: 121,ann Internal Use Only: 0 Original to Planning 0 Copy to Property Owner t1 :opy to Street:.File