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� r . <br /> LAND USE APPLICATION SCR AGItEEMENT <br /> Application# lv ��` <br /> AGREEMENT made this 2� day of ,20 , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation("City")and <br /> [a corporation—opfionaq(NOwners"). <br /> R citais <br /> 1. Owners have filed Zoning Application# � � - ��J" �� formaily requesting the City to <br /> review plans for_a �����►-� located at the propert <br /> addressed: I 50 -� {the "Subject Property") <br /> 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 ta ensure reimbursement to the City of its costs. <br /> NOW THEREF�RE,THE PARTIE3 AGREE AS FOLLOWIS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Co tempora�eously with the execution af this Escrow <br /> Agresment, the Owners shall deposit$�� '"' with t City. All accrued interest, if any, shall be paid to the <br /> City to reimburse the City for its cost in administering the e crow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for al(out-of-pocket costs the City has incurred (inciuding planning, engineering, or legal consultant review) or wili <br /> incur in meeting with the�wne reviewing the plans,and prepar(ng agenda packet material for City Councit review <br /> of application# �� - ���'�' . Eligibte expense�s shall be consistent with expenses the Owners would <br /> be responsible for under a tand use application. <br /> 3. MONTHLY BILLING. As the City receive3 consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responslble for peyment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW AC OUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outlined in #3 a ove, shall cease all reviews until the Owners pay all <br /> expenses invoiced pursuant to#3. The City may draw fr m the escrow account without further approval of the <br /> 4wners to reimburse the City for eligible expenses the City has incurred. <br /> S. CLOSING ESCROW. The Balance on dep sit in the escrow,if any,shall be returned to the Owners <br /> when all requirements related to the project are complete. ty Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirement of the project have been successfully completed and <br /> whether it is app�opriate to return the funds. Owner may al request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate veri rcation that all requirements of the project have been <br /> successfully completed. <br /> 6. CERTIFY UNPAIO CHARGES. If the proj ct is abandoned by Owners, or if the eligibte expenses <br /> incurred by the City exceed the amount in escrow, the Cfty ishall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366,012. <br /> CITY: CITY OF ORONO �� OWNER • <br /> ay: � � By: � �-� <br /> Its: �����►� Its: <br /> i <br /> Internal Use Only: G Original to Finance Department � 0 Copy to Zoning File G Copy to Street Flle <br /> Variarrce Applicefion—May 2016 <br /> Page 6 <br /> " �i � <br />