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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# /5-3T 8oZ/ <br /> AGREEMENT made this /�K- day of A/Gc�Slr 20/ , by and between the CITY OF <br /> ORONO, a Minnesota muni opal corporation ("City')and z%r-na _"gW 4J <br /> ,,,W 20 A- E Mo1U?CayE T2V /' I�,,C 1,&1614d_Uuu ,t�.� -J ti <br /> [[ drporation-optional) ("Owners"). �! 1 .- f K -� <br /> Recitals <br /> 1. Owners have filed Land Use Application#/537 ..-formally requesting the City to review plans <br /> for the property addressed: Z/6 S" .zlgsr&1dreIZZ&,f.3 &' I(the "Subject Property") legally <br /> described as <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$2 So.`!!= 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, reviewin the plans, and preparing agenda packet material for City Council <br /> review of Land Use Application # /s-37,.V . 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 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 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 successfully <br /> completed and whether it is appropriate to return the funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been 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 shall4By: 1 <br /> ertify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY- CITY OF ORONO <br /> By: �` 60 <br /> Its: P] Its: <br /> hternal'�Ute flnly: 0 Orlglnsl*o Finance Deqi <br /> paAhmnty o ,a gpy"t straem-is <br />