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BUILDING PERMIT ESCRGW AGREEMENT <br /> drono Buiiding Parrnit#�2015-01447 <br /> AGREEMENT made this�day o ,20�5, by and between the CITY OP ORONO, <br /> a Mlnnesota municipaE carporation("Cit�and Jeff 8�Peggy Cotter("Owners'). <br /> _ -Recitals ----- <br /> 1. A building permit appiication fias been filed fer additions located at 2T3fl Pheasant Road the <br /> (°Subject Property"), Negaily described on Exhibit A,attached. <br /> 2. Owners request the City�review this appl�ation. <br /> 3. The City will commence its review of the applir�on and incur c�sffi associatied with said r+eview <br /> only if the Owner astabiishes an escrow to ensur�e r�mbursement to the City of its costs. <br /> NOW THEREFORE�THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSR OF ESCROW FUNDS. C�temporaneously witt� the execution of this Escrow <br /> Agreement, the Ovmers shall deposit$2,500 with the City. AA acxrved interEst, if any, shall be paid bo the City to <br /> r+eimburse the Ciiy for its c�st in adminisbering the escrow accaunt <br /> 2. PURPOSE OF E8CROW. The purpose o#the s�+ow �to guarantee reimbursement to the City <br /> t�or el� out-of-pocket c�sts the City has inaumed (including planning, engineering, in e�ess of $508, or legal <br /> consultarrt review} or will inc�r in reviewing the plan. Eligib� ex�nses sl�all be consisbent with expenses tt� <br /> Chmers would be responsibie tor under a building permit applicatlort.The escrow will also guarantee reimbursement <br /> to the Cit�r for aU out-0f-podcet oosts the City has incurned t�o assure that the work�c�mpteted in accor+dance with <br /> the Stortnwatier Polluaon PrEvention Pian and the provisions of Oronc City Code Chapter 79.The finanaal securiiy <br /> may alsfl be used by the City to eiiminate any hazarrdaus c�nditions associated with the work and bo repair any <br /> damage to public property or infrastructure that is caused by the Wrork (induding plannir�, engineering, or legal <br /> oar�suitant review)associabad with buiiding permlt�'1015-09447 if compliana with the approved buiiding permit <br /> is not a�ccom�ist�ed. <br /> 3. MONTHLY BILLING. As the City receives consuttant bilis ior incuned c�sts, the City wEll in tum <br /> send a biil to the Owners. Qwners shall be responsible for paymerrt b�the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. �I8BURRENIENT pROM ESCROIN ACCOUNT. In the event that the Owners do n�make psyment to <br /> tha City within the timeframe outli�d in#3 above, shall issue a St�Wark Order until the Owners pay ail ex�enses <br /> invoiced pursuant to#3. The City may draw from the es�+aw acvouM without further approvai of�e Ormers to r�mburse <br /> the City for eligtbfs exper�ses tt�e City has incumed. <br /> 5. C�OSINQ ESCROVY. The Balsnce on�posit in the esc�v,if any,shail be returned to the Qwners <br /> when the review hes been�rnpletied and writ6en notification is received from the Owners r+equesting the funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses <br /> incurred by the City exceed the amaunt in ascrow,the City shall have the right to c;erMy the unpaid balance to the <br /> suhject property pursuant to Minn. 5tat§§415.a1 snd 388.012. <br /> CiTY: CITY OF ORONO OWNE • <br /> B <br /> Its: C.Ov.. ��. �rcc�.•� <br /> r <br /> t . ,. �p�. <br /> � �'aY*s'�i.�..�( ° '" �.��7�9'��`' '� s;_�,�,�'��`.�,;.k „.���� ' <br />