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' ORONO BUILDING PERMIT ESCROW AGREEMENT Demolition Permit#2010-00070 and Buiiding Permit#2010-00069 i A�REEMENT made this ��- day of �C.br�a^'y , 2010, by and between the CITY OF ORONO, a ` Minnesota municipal corporation ("City')and Timothv&Juliann Hadden(°Owners°). ' Recitais 1. Permit applications have been filed for demolition of the existing residence and construction of a new principal structure located at 2655 Shadvwood Road the ('Subject Property"), legally described as: That parf of Lots 22 and 23, `Pheasant Lawn"tying northerly of a straight line drawn from a point in the southeaste►1y line of said Lot 22, distant 27 feet southwesterly of, measured along said southeaste�ly line of said Lot 22 from the northeasterly comer of said Lot 22 to a point in the northwesterty line of Lot 23, 'Pheasant Lawn", distant 30 feet northeasterly of, measured along said northwesterfy line of said�ot 23 fir�m the mosf westerty comer of said Lot 23, Hennepin County Minnesota. 2. Owner requests the City to review these applications. 3. The City will commence its review of the applications 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 Owner 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 will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owner 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 worlc 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 woMc(inGuding planning, engineering, or legal consultant review) associated with permits 2010-00069 and 2010-00070 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 Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make payment to the City within the timeframe outlined in#3 above,the City may draw from the escrow account without further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shatl noGfy the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as directed by the City,or the City shall discontinue review and post a Stop Work Order. 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owner wrhen the review has been completed and written notification is received from the Owner requesting the funds. 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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• ITY OF ORONO OWNER: By: By: � Z Its: ��.r�_..rL. .� ��[..c�-o,r B ' tMtism&1 Use O�ly� :',�';.. O Qriglnal,to'Fina�tce DePs!rtiner�t ;:�: KI.�oPy�a!St�bet.File