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LAND USE APPLICATION ESCROW AGREEMENT Application #14-3646 & It./-?(JS C, AGREEMENT made this / t.\~ day of~.,.,,....----,.-,• 2014, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and I e.S' L, L [a corporation -optiona~ ("Owners"). Recitals 1. Owners have filed Zoning Application #14-3646 & I ~ormally requesting the City to review plans for preliminary and final plat of the property addressed: 1535 Bohns Point Rd (the "Subject Property") legally described as Lot 1, Block 1, Beth & Bridget, EXCEPT that part of said Lot 1 which lies southerly of a line drawn on a bearing of South 73 degrees 02 minutes 33 seconds West from the angle point in the Southerly line of said Lot 1, assuming a bearing basis of South 67 degrees 20 minutes West for the Westerly segment of said Southerly line of Lot 1, Hennepin County, Minnesota. 2 . Owners request the City to review said plans which requires City approval and may require consulting legal and/or engineering review. 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 $2500.00 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 ! ,r,evie:i:x the plans, and preparing agenda packet material for City Council review of Application #14-3646 & ,-~(~ . Eligible expenses shall be consistent with expenses the Owners would be responsible for under a land use 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 deposit 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 by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the un id balanc to the subject property pursuant to Minn. Stat.§§ 415.01 and 366.012. CITY: CITY OF OROtilO By~ Its: _______________ _