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RESOLUTION ## 959 <br />• A RESOLUTION TO AUTHORIZE AND ESTABLISH THE <br />DEVELOPERS ESCROW FUND <br />WHEREAS, the City of Orono incurs extraordinary costs, <br />such as legal, engineering, administrative, and such other costs <br />as may be necessary, in the subdivision or development of property <br />by land developers, and <br />WHEREAS,these costs are to be charged to the land develop- <br />ers as per Orono City Ordinance 32.652, and <br />WHEREAS, certain monies are to be collected and escrowed <br />for the payment of these extraordinary costs, <br />NOW, THEREFORE, BE IT RESOLVED that the Orono City Council <br />hereby authorizes and establishes the Developers Escrow Fund for <br />the purpose of receiving all monies collected from the developers <br />for payment of the extraordinary costs, and that the payments of the <br />extraordinary costs are to be disbursed from this fund. <br />• BE IT FURTHER RESOLVED that upon completion of each sub- <br />division or development and after payment of all extrordinary costs <br />incurred for each particular subdivision or development any monies <br />remaining shall be refunded to the developer; <br />or in the alternative, any costs not covered by the amount escrowed <br />will be charged to the developer as per Orono City Ordinance 32.652. <br />Adopted by the City Council of the City of Orono, Minnesota <br />at a regular meeting held November 14, 1978. <br />4'd'A"" <br />William B. Van Nest, Mayor <br />Attest: <br />Walter R. Benson, Clerk- Admini trator <br />0 <br />