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• • LAND USE APPLICATION ESCROW AGREEMENT Application# /31-3tpa� AGREEMENT made this 17 day of JO( , 20 13 , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") an� (J alt/yA.9 (A( 9Vo ‹, LAX-,Gt [a corporation—optional ("Owner"). Recitals 1. Owners have filed Zoning Application # formally requesting the City to review plans for L cW-cA. 1i pR(}-c✓d( 'vy — ‘v v i�1 .Ss e t- soo located at '3✓` la s (i1Jorktn S�OWt T►nve. Oft�V\ &tom 01 PI V the"Subject Property") as more fully shown and described on Exhibit"A" attached hereto. /,, 2. Owners request the City to reviewsaid plans w ich requires City approval including 1. 8 (y tfivv`A.t. feYrnll- 1o,v4O < O o vkAzi\t- 4\0-0- SOO GAJ 9. 3. The City is willing to commence its review of the application and incur costs associated with said review only if the Owners establish an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$ 700.0° with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, or legal consultant review)or will incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council review of application # /3- . Eligible expenses shall be consistent with expenses the Owners would be responsible for under a zoning and subdivisioi application. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shall cease all reviews until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on depo it in the escrow, if any, shall be returned to the Owners when the review has been completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned byOwners, or if the eligible expenses 9 incurred bythe Cityexceed the amount in escrow, the Cityshall have the right to certifythe unpaid balance to the 9 P subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITYnC,ITY E ORONO OWNERS: P�'l� e S I L L C- BI: �11 WW1( , By:c—F-L r2 ae.s� Its: TIiVAllel 1!3 Its: ai Internal Use Only: 0 Original to Finance Department ent fl Copy to Zoning File G Copy to Street File Packet Last Updated: 03/29/13 Page 10 of 29