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LAND USE APPLICATION ESCROWAGREEMENT <br /> _ <br /> Application# "i - 3'1'1 4, <br /> AGREEMENT made this rel day of , 20 1( , by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and 1(.._Iz Av5 kriaZ,fiAdAi 3�JL <br /> [a corporation-optional] ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# fC - / formally requesting the City to <br /> review plans for O/1nra Sart;aJ� IcPJS -7 <br /> located at <br /> the"Subject Property") as more fully shown and described on Exhibit"A"attached hereto. <br /> 2. Owners request the City to review said plan which requires City approval including Z Q J <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$7A OW 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 # (1 - �1 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 /> • <br /> CITY: CITY OF ORONO— OWNERS: <br /> l <br /> By: By: <br /> Its: �. L7 By: <br /> Its: ,D0'.%47- - (!t /6--41- ���4 <br /> Internal Use Only:` D Original to Finance Department 13 Copy to Zoning File C Copy to Street File <br />