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LAND USE APPLiCATION ESCROW AGREEMENT <br /> Applicatio�# <br /> AGREEMENT made this 7 day of dG�6� , 20�, by and between t CITY OF <br /> ORONO, a Minnesota municipal corporation ("City')and <br /> [a corporation— tional] ("Owners"). <br /> Recitals <br /> 1. Owners ave filed Land Use Application# formally re sting the City to review plans <br /> for the property addresse r�//�1 Sr�f'a���A � (the 'Subject Propert�') legalty <br /> described as <br /> 2. Owners reque the City to review said plans whic equires City approval and may require <br /> consulting legal and/or engineerin review. <br /> 3. The City is willing to mmence its review of t application and incur costs associated with said <br /> review only if the Owners establish an e row to ensure reim rsement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGRE S FOLL S: <br /> 1. DEPOSIT OF ESCROW FU 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 admin' ering he escrow account. <br /> 2. PURPOSE OF ESCRO . The purpos of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has ' curred (including anning, engineering, or legal consultant review)or will <br /> incur in meeting with the Owners, viewing the plans, an preparing agenda packet material for City Council <br /> review of Land Use Application # . Eligible exp ses shall be consistent with expenses the Owners <br /> would be responsible for under land use application. <br /> 3. MONTHLY ILLING. As the City receives consu nt bills for incurred costs, the City will in turn <br /> send a bill to the Owne . Owners shall be responsible for payme to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DIS RSEMENT FROM ESCROW ACCOUNT. In the vent that the Owners do not make <br /> payment to the Ci within the timeframe outlined in #3 above, shall cease reviews until the Owners pay all <br /> expenses invoic pursuant to #3. The City may draw from the escrow accou without further approval of the <br /> Owners to reim rse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, II be returned to the <br /> Owners wh all requirements related to the project are complete. City Staff shall review the rms of this escrow <br /> agreemen two times per year to determine whether the requirements of the project have b n successfully <br /> complete and whether it is appropriate to return the funds. Owner may also request the release of the funds, <br /> and suc funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> projec ave been successfully completed. <br /> CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses <br /> incurred y 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 N/� OWNERS: <br /> ( <br /> By: By: <br /> Its: Its: <br /> Internal Use Only: 0 Original to Finance Department G Copy to Zoning F11e 0 Copy to Street File <br /> Updated: January 2014 <br />