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t , . <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application#, /� - 37'93 <br /> AGREEMENT made this��day of C�' 20�, b�y and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("C,itv") and 4ff� $. (oOpp/yJJ� J.."r'D, p�7'�C�S��P <br /> [a corporation—optionalj ("Owners°). <br /> Recitals <br /> 1. Owners have filed Zoning Appli¢ation# l5 - 3 793 formally requesting the City to <br /> review plans for a O located at the property <br /> addressed:2500 00 O O O (the "Subject Property" <br /> legally described asZ�• 7—2�3� = — ! � -00 O — �'-�3 "11�003� <br /> 2. Owners request the City to re�riew said plans which requires City approval and may r�quire <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to commence'�its review of the application and incur costs associated with said <br /> review only if the Owners establish an escrow to�ensure reimbursement to the City of its costs.� <br /> NOW THEREFORE,THE PARTIES AGREE ASIFOLLOWS: <br /> 1. DEPOSIT OF ESCROW F�N S�. CContemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ 4 with the City. All accrued interest, if any, sha�l be paid�to the <br /> City to reimburse the City for its cost in administe ing the escrow account. - <br /> 2. PURPOSE OF ESCROW. The �urpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (i cluding planning, engineering, or legal consultant review) or will <br /> incur in meeting with th� Owners, reviewing th� plans, and preparing agenda packet material for City Council <br /> review of application #1� - 3 7 I3 Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use applic�tion. <br /> 3. MONTWLY BILLING. As the Cit receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be res�onsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCR�W ACCOUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outline in #3 above, shall cease all reviews until the Owners pay all <br /> expenses invoiced pursuant to #3. The City may� draw from the escrow account without further approval of the <br /> Owners to reimburse the City for eligible expense�the City has incurred. <br /> 5. CLOSING ESCROW. The Balamce on deposit in the escrow, if any, shall be returned to the <br /> Owners when all requirements related to the proje�t are complete. City Staff shall review the terms of this escrow <br /> agreement two times per year to determine wh ther the requirements of the project have been successfully <br /> completed and whether it is appropriate to return ithe funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff r�ceiving the appropriate verification that all requirements of the <br /> project have been successfully completed. , • — <br /> 6. CERTIFY UNPAID CHARGES. If�he project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow,�he City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 nd 366.012. <br /> CITY: CITY OF ORONO � OWNERS: <br /> BY: � ', By: <br /> Its: �� /' r I�� Its: O <br /> _ . , ..� . . <br /> o p/9-� <br /> , • <br /> . <br /> ���.�. �� ,�_.�. �.�.���;._3< �, �,�._ ,._� <br /> �„.. �, :� ..._... <br /> ,,.. �., , .,��.. <br /> Packet Last Updated: Augusf 2015 <br /> Page 10 <br /> I <br />