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LAND USE APPLICATION ESCROW AGREEMENT <br /> Appficafion# � ` �S�o C� <br /> AGREEMENT made this�.�.day of 1 L�'�, 20 1�, by ,a�n� between the C�� OF <br /> ORONO, a Minnesota municipal corporation ("Ciry") and � M�Q �, hl 'eY�,C(, 1 SSI� <br /> ja corparation—optionalj ("'�wner�). <br /> RecitaEs <br /> 1. Owners have filed Zoning Applicafion # � �- �J`�J,�� formaily requesting the City to <br /> review plans far <br /> located at � C�. �'� O <br /> the"Subject Property"} as more fully shown and describe on Exhibit"A" attached hereto. <br /> 2. Owners �equest the City to review said p(ans which requires City approval including <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 cos#s. <br /> Nt3W THEREFURE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemparaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ with the City. A{I accrued interest, if any, shali 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 Gity <br /> for ail out-of-pocket costs the City has incurred (including pianning, engineering, or legal consu{tant review} or will <br /> incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review af application # � a-�S�pC� . Efigible: expenses shali be consistent with expenses the <br /> �wners would be responsible for under a zoning and subdivision application. <br /> 3. MQNTNLY BILLING. As the City receives consultant bilis for incurred casts, the City will in turn <br /> send a bili to the Owners. Owners shaii be respansi�le fQr payment ta the City within 3Q aays of tne Owners' <br /> receipt af bill. <br /> 4. DISBURSEMENT FRaM ESCROW ACCOUNT. In the e�ent that the O�vners do not make <br /> payment to the City within the timeframe outlined in #3 above, shal( cease ail reviews untii the Owners pay al! <br /> expenses invoiced pursuant to #3. The Gity may dra�N from the escrow accaunt withaut further approvai of the <br /> Owners to reimburse the Ciry 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 C?wners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shail have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.09 and 366.012. <br /> ClTY: C OF R@N OW(VERS: � � <br /> By: ' By: �/.-�'�,�- #� �/�� <br /> _- <br /> t#s: a-; .� ��,N� �— ��r t��- Its: <br /> . <br /> Cnt�rr�ai'tlse�n(y,,:,��,,����..Qng�nal;�to F�nance Departn►ent ;,��Q`Co,p}r�to�anin`cj f�fe I3 Capy�to�freet Ftle <br /> CUP&Other Land Use Appiications <br /> Updated� .lanuary 31,2�12 <br /> - 11 - <br />