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� � � � ✓ <br /> � Orono Building Permit#_���;�_��' <br /> AGREEMENT made this day of , 20 by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation("City'� and T�mothy � Joan O'�onneil ("Owners"). <br /> Recitais <br /> 1. A building permit application has been filed for 1 �� �cated at <br /> 559 Park Lane the ("Subj t Pr�perty'), egally described as <br /> Lots 9 & 10, Block 6, Minn�tonka Summit P�rk, HPnne in o m MinnPs�ta <br /> 2. Owners request the City to review this application which requires City approval and may require <br /> consu�tant legal andlor engineering review. <br /> 3. The City will commence its review of the application and incur costs associated with said review only ii <br /> 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 ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit $2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant <br /> review) or wi�l incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be <br /> responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all <br /> out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater <br /> Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used <br /> by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property <br /> or infrastructure that i c used by the work(including planning,engineering, or legal consultant review)associated with <br /> building permit# � b if compliance with the approved building permit is not accomplished. <br /> 3. MONTHLY BiLLING. As the City receives consultant bills for incurred costs, the City will in turn send <br /> a bill to the Owners. Owners shall be respansible for payment to the City within 30 days of the Owners'receipt of bill. <br /> 4. DISBURSEMENT 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 issue a Stop Work Order until the Owners pay all expenses invoiced <br /> pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for <br /> 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 �equirements of the project have been successfully completed and <br /> whether it is appropriate to retum the funds. Owner may also request the release of the funds, and such funds shall be <br /> 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 <br /> expenses incurred by the City exceed the amount in escrow,the City shall have the right to certify the unpaid bal nce <br /> to the subject property pursuant to Minn. Stat. §§415.01 and 36fi.01 <br /> CITY: CITY OF ORONO NER: <br /> By: �.Y 1 ��V rR�l. <br /> �ts: IS 1 <br /> �. � �- � �_., �� -.� ,�, s r .w, ,� - y ::. �; ,�,,. �: <br /> ,� .,: ,�.�q���...,���.���ef�+�l�` ���.��"J���� � i� <br /> Par.kPt 1»s1 IlndatPd• Janu»rv�15 <br />