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Dec 09 13 10:46a Annexstad Des1:111 ________ .... -···---· -···· 760;, ... 38116 <br />817~46-0984 <br />p,1 <br />p.2 AMA Investments LLC <br />LAND USE APPLICATION ESCROW AGREEMENT,_ <br />Appllcatfon MS4641 1 l/-~ 3 /,'l-1&7 <br />. AGREEMENTmadelhls--1.Q....~of l:k.a. , 20 J.3, by and bebMa'I the CITY OF ORONO, a Minnesota munlclpal corporation ("Cily") and_· _______________ _ <br />{a c:orponrticn -aptionaJI rowners"). <br />RecJtal! <br />ers have fled Zoning AppUcation #13-3646 tonnany requesting the City 10 review plans for_ Vl' , r, 11 located at ,.,_ lhe"Subject--P~-perty-,~ <br />as more Nlly ah0111n atd desat,ed on Eichl)lt •~• attached hereto. <br />2. • ~ers requestths ~~ew said plans which requires City approval lncludlna 4½ flAhnf n., <br />"10 'P heg:t na n,n,f I~ Y-@yt eN . <br />s. The City Is willing to commence Its review of the application and Incur costs associated with said <br />re\lleW only if the Owners establish an escrow lo ensure reimbwsement m the City of its costs. <br />NOW THE!REFORE, THE PARTIES AGREE AS FOLLOWS: <br />1. DEPOSIT OF ESCROW FUNDS. Contemponineously with the executlcn of this Escrow <br />Agreement. th& Owners .shall deposit 52500.00 with t'te City~ All accrued lnlerest, if any, shall be paid to the Clty <br />to reimburae the Clty fer is c:ost in adm1nis!Brfng the escrow account <br />2. PURPOSE OF ESCROW. The purpose of th& escmw Is to guarantee rei"nburaement lo the City <br />for all oul-<Jf-pocket costs 1he City has incurred (including planning, engineerlng, or legal ccnsullantrelliew) orwlll <br />Incur in meeting with the Owners. ievlev.ing the plans, and preparing agenda packet material for Cily Ccunoil <br />review of application #13-3848. eligible expenses shall be constatent with expenses the owners would be <br />responsible for under a zoning an<l subdivision application. <br />3. MONTHLY BILLING. As Ule City recei11es ccnsultant bllla for Incurred cost&, the City wil In tum <br />$end a bill 10 the Owners. Ownars shaft be responsible l'ar payment ta the City within 30 da~ of lhe OWners' <br />receipt of bill <br />4. DISBURSEMENT FROM ESCROW ACCOUNT. In the eitent that the Owners da not make <br />payment lo the City within the tlmefreme outlined In #3 above, s.hall cease all ~iews untl the Owners pay all <br />e,cpenses invoiced pursuant to #13. The City may draw l'rom the escrow account without further approval of the <br />OWners 1:o rernJxne the City for Bllgi,(e expenses the City has incurred. <br />5. CLOSING ESCROW. The Balance on dept>SII in the esaow, if any, snail be returned to the <br />Owners when the review has been completei:I. <br />G. CERTIFY UNPAJD CHARGES, If 1he proje~ Is abandoned by Ownera, or if the eligible expenses <br />Incurred by the Cftv exceed the 21mourtt i1 escrow, the City shall haYe th& right to certify the unpaid balance ,he <br />subject pn,perty pursuant to Minn. Stal §§ 415.01 and 366. 012. <br />By:. ________ _ <br />Its: