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MAY-06-2009 17:54 From:IHabib Office To: 19522494616 Pa9e:2�z <br /> LAND USE APPL"ICATFON ESCROW A�REEMEN <br /> APPlicatian�09-3418 8 10-3468 ' <br /> � <br /> AGREEMENT made this 23 day of Aprtl, 2010, by�ant!'betweenthe CITY OF OR NO, s Minnesota municipal <br /> corporation ("City") and �^o c, � _�-.�cs\-�-��1 ro .,� <br /> (a corpo ation—optionaQ ("Owners"), <br /> ' 12ecitals <br /> 1. Ownera have filed Zoning Applications 09-3418 & 10-3466 forma ly requesting the City to review <br /> plans for site alan aooroval & preliminary plat approval located at 3421 -342 Shoreline Drive (the "Subject <br /> Property") legally described as Tract B, RLS No 1422, Hennepin County, MN, <br /> 2. Owners request the City to revlew said plans which requires City approval including legal, <br /> enginearing and staff review. <br /> 3. The City is willing to commence its review of the application and I cur costs associated with said <br /> review only If the Owners establish an escrow ta ensure reimbursement to the City of its costs, <br /> NOW THEREFORE,THE PARTIES AGREE AS FQLLOWS: <br /> ; <br /> 1. DEPOSIT OF E3CROW FUNDS, Contemporaneously with he execution of this Esuow <br /> Agreement, the Owners shall deposit $1D,000.00,wi#h the City. Alf acCrued Inte st, if any, shall be paid to the <br /> City to reimburse the Clty for Its cost in administering th'e escrow account. <br /> 2. PURPOSE OF ESCROW, The purpose of the escrow is to guar tee reimbursement to the City <br /> for all out-of-pocket costs the City hes incurred (including planning, engineering, o legal consultant review) or will <br /> incur in meeting with the Owners, �eviewing the plans, and preparing egend� p cket material for City Council <br /> review of appllcatlons 09-341 S 8 10-3468. Eligible expenses shall be con&ist nt with expenses the Owners <br /> would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILUNG. As the City reCelVes consultant bills for inc rred costs, the City will In turn <br /> send a bill to the Owners, Ovmers sheq be responsible for psyment to the City withln 30 days of the Owners' <br /> receipt of bilL <br /> 4. DISBURSEMENT FROM E8CROW ACCOUNT. In the event hat the Owners do not make <br /> payment to the City within the timeframe outlined in #3 above, sh�all cease all r views until the Owners pay all <br /> expenses invofced pursuant to #3, The City may draw from the escrow account without further approval of the <br /> Owners to refmburse the City for eligible expenses the City has incurred. <br /> ; <br /> 5. CLOSING ESCROW. The $alance on deposit in'the escrow, i eny, shall be retumed to the <br /> Owners when the review hes been campleted: ,, , <br /> 6. CERTIFY UNPAID CHARGES. I[the project is abandoned by O erg, or if the eligible expenses <br /> Incurred by the City exceed the amount in escrow, the City shall have tNe�right to ertify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§41.6,01 and 3B6.012. <br /> CITY: CITY OF ORONO OWNERS: <br /> �� <br /> By: v � By. <br /> c �i r o o b� �..v� � L�..,c.�„� � va�, P � . <br /> � 1 <br /> Its: f' i �vG r.)C� �rf�.`�U t-' gy: <br /> r <br /> Its: 1 c ..� <br /> . , <br /> i��:im������y.��,�.:ai������"al���:f�d�r�'�n�i�1��'r��r����Cf1��1�N�ii��Qp��fl�iii6�iai.��i�1�11��E{i�'�' .�; <br /> . �� a� � � , « <br /> _ �ao"""�'�,���,�il.e <br /> � � , � „ � <br /> ��f � <br />