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� ` 4 <br /> LAND USE APPLICATION ES ROW AGREEMENT <br /> Appiication#_[�___- D �.3'rl'Q5 <br /> AGREEMENT made this 1�day o ,20/7, by and tween the CITY OF ORONO, <br /> a Minnesota municipal corporation("City')and <br /> [a corporation—optionaQ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# f� -3'l�i��formally requesting the City to <br /> review plans for a NEw' Seksew�ct. tMs�N T'C R�EPukcE �x.�sr�u�. UrBr� located at the property <br /> addressed: 2!)°l0 SLtoRE�u.t� pK�vE � o�tor�p � �u�t S5 371 (the "Subject Property') <br /> legallydescribedas [_cvT I�T 1 � SEG 15 � TowusH�P 11'� � RANGE 23 �SE� EF�4 SuRvt�Y P-v(L <br /> Co1WP�,er� DEScR�P rl oN) <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 FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ o75GYJ.G0 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 Ciry has incurred (including planning, engineering, or legal consuftant review) or will <br /> incur in meeting with the Owners,reviewing the plans,and preparing agenda packet material for City Council review <br /> of application#�'Z, -'3po�`3�10�. Eligible expenses shall be consistent with expenses the Owners would <br /> be responsible for under a land use application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the C�y 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'receipt <br /> 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 City 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 Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to retum the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate ver�cation that all requirements of the project have been <br /> successfully 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: CITY OF ORONO OWNERS: <br /> BY• By: � <br /> �t `� Its: <br /> �ntenlal�lse On1y: O Original to Planning DspaMient 'G�bpy�t4�of�ing Fi1e : " D Co�s�i to S#r�t E�le <br /> CUP Application—January 2016 <br /> Page 5 <br />