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LAND USE APPLICATION ESCROW AGREEMENT <br />Application # I { 3 S 2JJ <br />AGREEMENT made this '2f1 day of J /.,{ L\..f , . 20_/ _I , by and between the CLTY OF <br />ORONO, a Minnesota municipal corporation ("City") and :f:lz'--li:::P LA sf MJ'ld,r--q1 Ill/ I ';:(J:r ~ <br />[a corporation -optiona~ ("Owners"). <br />Recitals <br />1. Owners have filed Zon~ng Application #_~(~I __ -gs ZD formally requesting the City to <br />review plans for V tt..Arl a. V'l CL.<l <br />located at I ·3 ·7 v P, a I ~~L..-·t. , <br />the "Subject Property") as more fully shown and described on Exhibit "A" attached hereto. <br />~wners request the City to review said plans 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 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 $ 7 OD ,,_. 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, r~viewi!lg _ the plans, and preparing agenda packet material for City Council <br />review of application# 1 I -3S Z.V . 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 />OWNERS: <br />Its: <br />... 'Cl Copy:to StreefFile