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APPLICATION ESCROW AGREEMENT <br /> Zoning Application # I 3 - 3(fl�� <br /> AGREEMENT made this�T day of � , 20 � �, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and I..�a�� So r�e �.L�C <br /> [a corporation—optionaQ ("Owner"). <br /> Recitals <br /> 1. Owner has filed Zoning Application#�� - 3lpa�formally requesting the City to review <br /> plans for located <br /> at � lP'� h � wo-o c�. R the <br /> "Subject Property")as more ully shown an described on Exhibit"A" attached hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owner 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 FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owner shall deposit $ oZ DO with the City. All accrued interest, if any, shall be paid to the <br /> 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 Owner, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application# ! ?S - �3 fO��. Eligible expenses shall be consistent with expenses the Owner <br /> would be responsible for under a zoning 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 Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner 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 Owner to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br /> Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as <br /> directed by the City, or the City shall discontinue all review. <br /> 5. CLOSING ESCROW. The BaJance on deposit in the escrow, if any, shall be returned to the <br /> Owner when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY RO O OWNER <br /> gy: � � ----�-�� ' �'r�� <br /> � <br /> r <br /> Its: �',v�uti.�� _ icc."`��� Its: <br /> Packet Last Updated: 03/29/13 <br /> Page 10 of 31 <br />