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APPLICATION ESCROW AGREEMENT <br /> Zoning Application#�_ - �;��� <br /> AGREEMENT made this 3) day of SP��t,.,bes , 20��� , by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City')and TAso., uncA a'ad , ti�n��,A nd �cQ <br /> hl�� n.5%f��r5 � ,.4�e.L(����+�'��1 i.G�'{� A�- e�.L�°JD l�c�i ��,C)i�r'nn �A/ ��3�1 � <br /> [a corporation-opfionalJ("Applicant"). <br /> Recitals <br /> 1. Applicant has filed Zoning Application#�� - �Z formally requesting the City to <br /> review plans for �o.r��.c � �-�.. J- r c r >r. �G�-c� <br /> located at t� i"Z,� 3 <br /> the"Subject Propert�')as mo fully shown and described on Exhibit"A" attached hereto. <br /> 2. Applicant requests the City to review said plans which requires City approval including��e <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Applicant establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUND� Contemporaneously with the execution of this Escrow <br /> Agreement, the Applicant shall deposit $�D�� with the City. All accrued interest, if any, shall be paid to <br /> the City to reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, engineering, or legal consultant review) or will <br /> incur in meeting with the Applicant, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application#,�[� - ��,�_ _�__�_: Eligible expenses shall be consistent with expenses the <br /> Applicant would be responsible for under a zornng and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Applicant. Applicant shall be responsible for payment to the City within 30 days of the <br /> Applicant's receipt of bill. <br /> 4. DlSBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant does not make <br /> payment to the City within the timeframe outlined in#3 above, the City may draw from the escrow account without <br /> further approval of the Applicant to reimburse the City for eligible expenses the City has incurred. The City shall <br /> nofrfy the Applicant of such draw and the nature of the expense for which the reimbursement is being made. If <br /> the Escrow amount falls below 75% of the original escrow amount the Applicant shall deposit additional sums as <br /> directed by the City, or the City shall discontinue all review. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Applicant when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Applicant, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid <br /> balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: TY O ORONO APPLICANT/OWNER: � <br /> � � � E B <br /> By� R CEIVED <br /> ,, <br /> �ts: Yl I V �ts: <br /> SEP 2 0 201,.1 <br /> - 10- <br /> CITY�F ORt�NO ' <br />