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LAND USE APPLICrATION ESCROW AGREEMENT <br /> Application $90 <br /> AGREEMENT made this_11_day of October.2016 , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City°)and Everiast Enterprises. Inc. <br /> [a corporation-optionan("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# I (., _ -WCC formally requesting the City to <br /> review plans for a 3000 sq ft_ -sto -single family home located at the property <br /> addressed: 230 TONKA Ave. Orono (the "Subject Property") <br /> legally described as Lot 14.15.16. BIk 2 Bayside Addn To Lake Minnetonka <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owners establish an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1: DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ 2500.00 with the City. All accrued interest, if any, shall be paid to the City <br /> 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 Ower reviewing the plans,and preparing agenda packet material for City Council review <br /> of application# ILP - �8 0 . Eligible expenses shall be consistent with expenses the Owners would <br /> 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'receipt <br /> 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 Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate verification that all requirements of the project have been <br /> 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 /> CITY: CITY OF ORONO OWNERS: <br /> r— <br /> By: By:EVERLAST ENTERPRISES, INC.-JAMES M CLEARY <br /> Its: p5?10- Ne's <br /> Its: <br /> kdarnal'Use Only: 0Originai fo Finance Dal111rbn1ent ID G"yt67Anft fine aw*41101*40116 <br /> Variance Application-May 2016 <br /> Page 6 <br />