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LAND USE APPLICATION ESCROW�OQPIEEMENT <br /> Application# 15 9 <br /> AGREEMENT made this 11 day of 20 �, by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation('Cit)")and G Imo'( Ne+vAe4 <br /> [a corporation–optlona4("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# - formally requesting the City to <br /> review plans for a <br /> located at the property addressed: <br /> (the"Subject Property")legally 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 ESCRONt 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 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 th ers, reviewin the plans, and preparing agenda packet material for City Council <br /> review of application# - ��9_. 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 tum <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 /> S. 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 succ:essfutly completed. <br /> S. 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: ITY O RO O OWN S <br /> B • B . <br /> Its: �'"t�'w l.Vl Its: <br /> 1: r1#114�iiileriilrl '4 <br /> Packet last Updated.- January 2015 <br /> Page 10 <br />