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• BUILDING PERMIT ESCROW AGREEMENT � .. - Orono Building Psrmit#2014-01415 Orono Demolttion Permlt#2014-01416 AGREEMENT made this � day of��ry�_, 20�s, by and between the CITY OF ORONO, a Minnesota municipal corporation ("Cit�')K�C�l-�n•, IY1„�►-�. ("Owners"). R�citals 1. Demolition permit and buiiding permit applications have been filed to ailow demolition of the existing home and construction of a new residence located at 930 Partenwood Road, the ("Subject Propehy"), legally described as Lot 3,Block 1, Partenwood, 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�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 ta 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 alf out-of-pocket costs the City has incurred (including planning, ensrineerin�r. in excess of 5500, or legal consultant review) or wili incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under the demolition and building permit applications. 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 atso 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 (inciuding planning, engineering, or legal consultant review) associated with building permit #2014-01415 8 demolition permit#2014-01416 if compliance with the approved permits is not accomplished. 3. MONTHLY BILLING. As the City receives consultant biils for incuned costs, the City wiil in tum send a bill to the Owners. Owners shati be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBUR3EMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 abave, shall issue a Stop Work Order untii the Owners pay ali 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 retumed to the Owners when a�l requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, � and such funds shall be released upon City Staff recelving the appropriate verification that alf requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the ellgible expenses incurred by the City exceed the amount in escrow,the City shall have the right to certify the unpaid balance to the subject prope�ty pursuant to Minn. Stat.§§415.01 and 366.012. CITY: CITY OF ORONO OWNER: .�`' By: ics: � � �, .^�/' `�.`r.. ,��-- IMerna1 U�e Only; Q Odginal to PlannMg �Copyto Property Owner D.Copy#o SVeet'Fiie