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,e• __ Saiki 9524719072 <br /> p <br /> Dec 13 11 07:43P RSRO 1t'tC .yac'ra�iva� <br /> APPLICATION ESCROW AGREEMENT <br /> Zoning Applicatlion#—!Z-- <br /> AGREEMENT made this IS dayof20 It by and between the CITY OF <br /> ORONO.a Minnesota municipal corporation CCity*)and S�ry t- Q�tOi'1 jf? <br /> [a corporation—optionaq("Applicant'. <br /> - Raecitals i <br /> 1. Applicant has filed Zoning Application 4 [Z _ normally requesting :he City to <br /> review plans For Yi Oftba " — — <br /> located at 12S zlyn ---- <br /> the"Subject Property')as more'%illy shown and described on Exhibit*K artochea hereto. <br /> 2. Applicant requests the City to review said plans which requires C i:y approval including <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only it the Applicant establishes an escrow to ensure reimbu rsemcnt to the `- ' of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> t. DEPOSIT OF ESCROW FUNDS. Contemporaneously with :he execution of this Escrow <br /> Agreement,the Applicant shall deposit$312oD.DD with the City. V „ccrue 4 ,!,,rest, it any shsl; be paid to <br /> the City to reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escro.v, to gua n'r�e re r^bursement to the City <br /> forall out-of-pocket costs the City has incurred(including planning, eng r-ering. =- consultant review)or will <br /> incur in meeting with the Applicant, reviewin the plans, and preparing agenda pacm!t material for City Council <br /> review of application*_AL - Eligible expenses shall be consistent with expenses the <br /> Applicant would be responsible for under a ping and subdivision app!lcotion. <br /> 3. MONTHLY BILLING. As the City receives c:onsulrart ''i's for i--­q costs. "e r'it- ++ill in turn <br /> send a bill to the Applicant. Applicant shall be responsible for -ri to e City within 3u days of the <br /> Applicant's receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. i,i does not make <br /> payment to the City within the timeframe outlined in#3 above.the City r ,dra.. es:r y a_c^unt without <br /> further'approval of the Applicant to reimburse the City for eligible expen•-s the C!.y ' as ,ncurm�, T';e City shall <br /> notify the Applicant of such draw and the nature at the expense for,..,l,:• i the r,�,„b.,rsament is being made. If <br /> the Escrow amount falls below 75%of the original escrow amount the Aprolican{ :i:i deposit additional sums as <br /> directed by the City,or the City shall discontinue all review. <br /> S. CLOSING ESCROW. The Balance on deposit in ;;;zrow, any, shall be returned to the <br /> Applicant when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. if the project is il .one the eligible <br /> expenses incurred by the City exceed the amount in escrow, the Cit; ill hr:. ,; : , en:' -r : unpaid <br /> balance to the subject property pursuant to Minn.Slat.§§415.01 and''� )12. <br /> CITY: 9.kTY OF ORON A: _ *i T <br /> : ay <br /> $Y <br /> Its. d-; _-- <br /> 10- <br />