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• ,■ , <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application # � �- 3 S�S <br /> AGREEMENT made this�day of ���-� , 20 « , by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and S�V't� II �l l <br /> [a corporation—optionalJ ("Owner"). <br /> Recitals <br /> 1. Owners have filed Zoning piication # � 2,-35BS formally requesting the City to <br /> review plans for � �! �6�� (�, <br /> located at a <br /> the"Subject Property°) as more fu y shown and described on Exhibit"A" attached hereto. <br /> 2. Owners request the City to review said plans which requires City approval including <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 $ `�� .� 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 the Owners reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # �� -3 S $5 . Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a zoning and subdivision 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 OWNERS: % <br /> . � <br /> By: v�„��z� X' L1 � gy. I v.,� ��t l,� �.C , <br /> f <br /> f <br /> ItS: � �=-e��- ItS:. S�'�� 1 '1 fk-�./v�" ��'1�-- <br /> -T <br /> lnternal Use Only: G Original to Finance D+epartrnent �Copyto Zoning Fiie ' G Copy to Street�ite <br /> CUP&Other Land Use Applications <br /> Updated: January 31,2012 <br /> - 11 - <br />