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, LAND USE APPUCAT ON ESCROW AGREEMENT <br /> Apptication#_f�- 3�7� <br /> AGREEMENT made this��day of , 20�, by and betwean the .0 OF <br /> ORONO, a Minnesota municipal corporafion ("City") and y e �f' <br /> [a corporation—optionalJ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# � � - 3 4'7 1 formally requesting the City to <br /> review plans for a <br /> located at the property addressed: � c� �-1�-c�00 � <br /> (the"Subject Property") legally described as <br /> 2. Owners request the City to review said plans which requires City approval and may require <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 AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUI�S. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $�J�✓ 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 Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # �`� - 3�t7 q . Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use 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 Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outlined 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 Ciry for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, 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: ITY OF OR O OWNER : <br /> . � <br /> By: By: <br /> � <br /> its: �;d�_,«�:���� its: <br /> i�����:�, • �=���� ��to:�..��, .� . � �;� � ��►�:�-��e <br /> � ,��► ������e �a: , <br /> Packet Last Updafed: March 2014 <br /> Page 10 of 27 <br />