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LAND USE APPLICATION ESCROW AG EMENT <br /> Appiication#�� - <br /> AGREEMENT made this �? day of Y/ � , 20�, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City')and <br /> ��1_!=� Cjt'�C��,�1'S,�r' <br /> [a corporation—optionaQ ("Owners"). <br /> Recitals <br /> 1. Owners have�led Zoni g Applicatio # �� - (o�l��J formally requesting the City to <br /> review plans for a�'� f���l.61'kJ�t� �f <br /> � located at the property addressed: 5 n.e. k7r� <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 FUN�S. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$�_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 th wners, r vj��w�i,�g the plans, and preparing agenda packet material for City Council <br /> review of application #� - �(��f0�7 . 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 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 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: CITY OF ORONO OW�VERS: <br /> � �' �:�.. - <br /> By: � g ,' <br /> �ts:�(/����1�9, G@�ro/c�'�2.�'"b,�' its: <br /> intemal Use Only: �Drig�nal to Finance D.epartrnent G Copy to Zoning File 'G C�p�to Street File <br /> Packet Last Updated: March 2014 <br /> Page 10 of 25 <br />