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i✓ BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit# 2014-01392 AGREEMENT made thi coday of V-i{� , 20 l , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City"); and land owners Jamie& elly Lowe ("Owners"). Recitals 1. A building permit application has been filed for construction of an accessory structure and existing garage demolition for property located at 105 Orono Orchard Rd. North the ("Subject Property"), legally described in the attached"Exhibit A". 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 O ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall eposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost i administering the escrow account. 2. PURPOSE 0 F 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 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 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 Stormw ter Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may a so be used by the City to eliminate any hazardous conditions associated with the work and to repair any dama e to public property or infrastructure that is caused by the work (including planning, engineering, or legal consult nt review) associated with building permit# 2014-01392 if compliance with the approved building permit is not accomplished. 3. MONTHLY ILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. wners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSE ENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timefra outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. a City may draw from the escrow account without further approval of the Owners to reimburse the City for eligibl expenses the City has incurred. 5. CLOSING SCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when all requirem nts related to the project are complete. City Staff shall review the terms of this escrow agreement two times per ear to determine whether the requirements of the project have been successfully completed and whether it appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be re eased upon City Staff receiving the appropriate verification that all requirements of the project have been success ully completed. 6. CERTIFY NPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses incurred by the City exce=• the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant o Minn. Stat.§§415.01 and 366.012. CITY: CI OF ORONO_ OWNE-: O By: 1 ...1i Its:ftcton! G'r/I '?'�' Le4vLe_________ internal Use Only:` Original to Planning 13 Copy to Property Owner 13"Copy to Street File