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/ . � <br /> BUILDING PERMIT ESCRUW AGREEMENT <br /> Orono Building Permit#2015-01447 <br /> AGREEMENT made this�day o , 2015, by and between the CITY OF ORONO, <br /> a Minnesota municipat corporation("City")and Jeff 8�Peggy Cotter("Owners"}. <br /> Recitals <br /> 1. A building permit appfication fias been filed for additions located at 2730 Pheasarrt Road the <br /> {°Subject Property"), legally described on Exhibit A, attadiied. <br /> 2. Owners request the City to review this applicafion. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if�e Owner establish�an escrow to ensure reimbursement to the City of its casts. <br /> NOW THEREFORE�THE PARTEES AGREE AS FOLLOWS: <br /> 1. DEPO$IT OF ESCROW FUNDS. Contemporaneousty with the execution of this Escraw <br /> Agreement, the Owners shalf deposit$2,500 with the City. AI!accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow acx;aunt <br /> 2. PURPOSE OF ESCROW.The purpose of the escrow is to guarantee reimbursement to the City <br /> ter all out-0f-pocket costs the City has incun^ed (including planning, engineering, in excsss of $500, or legal <br /> consuitarrt review) or will incur in revEewing the plan. Eligib� expenses st�all be consis�nt with expenses the <br /> Owne�s would be responsible ter under a building permit application.The escrow will also guarantee reimbursement <br /> to the City for all out-of-pocke#�the City has incurred to assure that the work is completed in ac�orclance with <br /> the Stom�water Pollution Preventian Plan and the provisions of Orono City Code Chapter 79.The financial security <br /> may also be used by the City to eliminate any hazardaus conditions associated with the work and to repair any <br /> damage to public property or iMrastructure that is caused by the w�r1c (includmg planning, engineering, or legal <br /> consultant review)associat�d with bulldln� permlt#2015-01447�f oompliance with the approved building permit <br /> is not aa:ompEished. <br /> 3. MONTHLY BILLING. As the City receives consuitant bilis for incurred costs, the City will in turn <br /> send a bill ta the Owners. Owne�s shalf be responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DI8BURSEMENT FROM ESCROW ACCOUNT. In the everrt that the ONmers do not make paymertt to <br /> the Cit�r witrtin ttte tlmeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuarrt to#3. The City may draw from the ascrow accourrt without further approval of the Owners to reimburse <br /> the City for eligibls expenses the City has incumed. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow,if any,shall be retumed to the Ovmers <br /> when the review ha�been complebed and written notification is received from the Owners requesting the funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or�the eligible expenses <br /> incumed by the City exoeed the amount in escrow, the City shall have tf�e right to c�rtify the unpaid balance to the <br /> subject property pursuant to Minn. Stat§§415.01 and 386.012. <br /> CiTY: CITY OF ORONO OWNER• <br /> B : "'� <br /> Its: C.�vK . �•�. ��'Cc1�i� �-�� <br /> � <br /> r �e+�� �t� . �F p, <br /> i ;�R.-� �i�i+�� � . � `Y ��Plr�o�e�►�r : � ar�+Pk��� � <br /> � <br />