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A � <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# /.� 3�ri'f <br /> AGREEAAENT made this�day of ��e 20 ��, by and etween the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City")and P�f � A-/��QSp� <br /> [a corporation—optionaq(°Owners°). <br /> Recitals <br /> 1. Owners h ve fil 2onin Application#� - �formaliy requesting the City to <br /> review plans for a ocated at the property <br /> addressed: `f 3~ ! (the "Subject Property°) <br /> �egally 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 FO�LOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$_`700. D�Owith 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 (inGuding planning, engineering, or legal consultant review) or will <br /> incur in meeting with the Owners, reviewin the plans, and preparing agenda packet material for City Council <br /> review of application#� - 3 7!p . 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 tum <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 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 <br /> Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow <br /> agreement two times per year to determine whether the requirements of the project have been successfully <br /> completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been 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 /> C : CITY O ORON � OWNERS: <br /> . �BY:. By: � <br /> �ts:��,(,�/1f'�r2 . �ts: <br /> Pedcet Last Upd�ed.� January 2015 <br /> Page 10 <br />