2016-01416 - escrow fee - Laserfiche WebLink

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BUILDiNG PERMiT ESCROW AGREEMENT Orono Building Permit#_ �to – 01°..l�lo � �AGREEMENT made this $ day of /' , 20�fq by artd�between the CITY OF�ORONO, a Minnesota municipal corporation ("City")and R F � q (t» _ ( Owners ). SArt�►�C�ul0.s Recitals s�_ • �q� A building permit pplication has beeri filed for Q XCOY![� S�AN R�1�OYI located at �, � the ("Sub�ect Property°), iegally described as + 2. O�nrners request the City #o review this application which requires City approval and may require consultant legal and/or engineering review. 3. The City will commence its review of the application and incur costs associated with said review oniy if the Owner estabiishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: �704 CW► 1. DEPOSIT O ESCROW FUNDS. Contemporaneously with the execution ofi this Escrow Agreement, the Owners shall deposit�,�'.s0r0 with the City. Afl accrued interest, if any, shail be paid to the City to reimburse the C' —far-its-co �s2`��.. un . --- 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for ali out-of-pocket costs the City has incurred (inciuding planning,engineering, in excess of$500, or legal consultant review) or wili incur in reviewing the pian. Eligibls expenses shail be consistent with expenses the Owne�s would be responsible for under a building permit applicafion. 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 PoHution 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 p�operty or infrastructure that is caused by the work (including pianning, engineering, or legai consuitant �eview) associated with building permit #_ZOI(0 •�1�3� if compliance with the app�oved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incur�ed costs,the City wili in turn send a t�iil to the Owners. Owners shall be responsibie for payment to the City within 30 days of the Owners' receipt of bili. 4. DiSBURSEMENT FROM ESCROW ACCOUNT. in the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the Ci1y for eligibie expenses the City has incurred. 5. CLOSING ESCROW. The Baiance on deposit in the escrow, if any, shall be returned to the Owners when all requirements related to the project are complete. City Staff sha11 review the te�ms 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 return the funds. Owne�may aiso request the release of the funds, and such funds shali be released upon City Staff �eceiving the appropriate verification that all requirements o# the project have been successfuily completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow,the City shail have the right to certlfy the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: O O�ONO NER � �'\p 11"�.J ` By: ; �1 � . �ts: n� � internal Use Only: G Original to Finance Department G Copy to Stceet File Packet Lasf Updated.• January 2096 Page 23