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. � <br /> LAND USE APPLtCATiON ESCROW AGREEMENT <br /> Application# /S-3 7 7 <br /> AGREEMENT made this��day of 20�, by and between the CiTY OF <br /> ORONO,a Minnesota municipal corporation("City')and S�rr��e fi'- F`t,rm 5 _ .I'r�� <br /> [a corporation—optionaq("Owners"). <br /> Recitais <br /> 1. Owners have filed Land Use, plication#/53 `f formaNy requesting the City to review plans <br /> for the property addressed: 0�9�0 c5lX �V`e N (the "Subject Property') legally <br /> described as <br /> 2. Owners request the City to review said plans which r�uires 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 reimbursemerrt to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOW3: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escxow <br /> Agreement,the Owners shall deposit i aSUD'� with the City. All accrued interest,if any, shall be paid to the <br /> Ciry 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, reviewin U�e plans, and preparing agenda packet material for City Council <br /> review of Land Use Applicat�on#.CS-375F� . 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, shali cease all reviews until the Owners pay all <br /> expenses invoioed pursuant to#3. The City may draw from the escrow account without further approval of tl�e <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 retumed 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 successfuily <br /> completed and virt�ether it is appropriate to retum the funds. Owner may atso request the release of the funds, <br /> and such funds shatl be released upon City Staff receiving tl�e appropriate verification that all requirements of the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAID CHAR(iES. If the project is abandoned by Owners,or ff 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 /> subjecf property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY• CITY OF O O OWNERS: <br /> By: By:�j <br /> ��oii�qa �rin,.in� , <br /> ��: �ts: ,P����rr <br />