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LAND USE APPLICATION E$CROW AGRE_EMENT <br />Application # l 0--~ 'J Z--y, <br />~ 1AJJ L <br />AGREEMENT made this / 1 day of .;_I'.;......;../'~--~• 20.Lz, J;>v c]ln~ between the CITY OF <br />, a Minnesota municipal corporation ("City") and GL~.a<y L', WH 17/!f ;L~N/fl ff. <br />(a corporation -optiona~ ("Owners"). <br />Recitals <br />it:3-~-7Z&tormally requesting the City to review plans <br />-4.:::...:~~~~~:;..=,,..L-~~----<,the "Subject Property'') legally <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 ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br />Agreement, the Owners shall deposit s,&!illD.IIO 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 win <br />incur in meeting with the Ownerst::reviewing the plans, and preparing agenda packet material for City Council <br />review of Land Use Application #b-372.LP . 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 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 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 successfully 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 />:zdmrrtw <br />Its: y? (CLM. Y\ .Q V <br />internal use Only: