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_ BUILDING PERMIT ESCROW AGREEMENT <br /> Orono Building Permit# �1�C tv - �40� �j <br /> AGREEMENT made this�q day of J , 20�, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("Cit�') i ���{1=S ("Owners"). <br /> Recitals <br /> 1. A building permit application has been filed a <br /> locate� at the ("Subject Property"), legally <br /> described as �3i5" Pnr�� n�. o�oND M S5 � - <br /> 2. Owners request the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESC UNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposi $2,500 ith the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in adm g the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, en�Jneerinsr. in excess of 5500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a building permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with <br /> the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any <br /> damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal <br /> consultant review) associated with building permlt # �Z�1o�- OO�(c� if compliance with the approved <br /> building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to <br /> the Ciry within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse <br /> the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any,shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate verification that all requirements of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY• ITY OF O QAtp OWNER: <br /> By: � <br /> � I , <br /> Its: <br /> Internal Use Only: G Origlnal to Planning �Copy to Property Owner Copy to Street File <br /> Last Updated: January 2016 <br />