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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# 1 a - 34--7 t <br /> AGREEMENT made this day of J u tit- 2010 , by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation ("City') and AG 1'.r a t t hvt z 'Dt v-t top M e M 4 Co . <br /> [a corporation—optional] ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# ►O - 3 ?1 formally requesting the City to <br /> review plans for use- �Ferw..4 s t w i�ZtV*ICIV i'r-:vaa l P(4-A, <br /> located at t S Zs Z S3 S d Z S S SNQAeo 'ed V4 c4 9%aN <br /> the"Subject Property")as more fully shown and descn ed on Exhibit"A"attached hereto. <br /> 2. Owners request the City to review said plans which requires City approval including CVP, <br /> S• Pt6v1 1'G4"• P-%J prC.. -M A 4'.w4t e4as-evAe&0 VacCa'V• '0 V) . <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 $20,000.00 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# 10 - S47 1 . Eligible expenses shall be consistent with expenses the Owners <br /> 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 /> Cl .Y: CIT O O OWN ; �•..ge 1nu}z peoe aPw.eIL Co, <br /> By: By: <br /> Its: By: <br /> Its: <br /> rna)use OMy �;. Origina(,to hanc�Departmen qC py to Zo File G Cbpy Si eet Fie <br />