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LAND USE APPLICATION ESCROW A~REEMENT <br />Application # / 0 -;3L/-5 !? <br />AGREEMENT made this , ~ day of [)e?&rnf:x-r20 e>Cf, by and between the CITY OF <br />ORONO, a Minnesota municipal corporation ("City") and LJA/A / ~ ot££r1 E..f , //VC' , <br />[a corporation -optiona~ ("Owner"). <br />Recitals <br />1. Owner has filed .&'.oning Application # I 0 <br />review plans for ~bd I vi~ r <br />located at5g $ _n.f" P'IJ, vvf- <br />formally requesting the City to <br />the "Subject Property") as more fully shown and described on Exhibit "A" attached hereto. <br />_2. Owner requests the City to review said plans which requires City approval including 'fi/7iff <br />-?f/1{d) nee,Y" 7" fl)itDVf'lUj l(WI. f/111. <br />3. The City is willing to commence its review of the application and incur costs associated with said <br />review only if the Owner establishes 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 Owner shall deposit $ -Z..';i}o-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 Owner, reviewing the plans, and preparing agenda packet material for City Council <br />review of application # ·IO -'3t./:3Q' . Eligible expenses shall be consistent with expenses the Owner <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 Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br />of bill. <br />4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br />payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br />further approval of the Owner to reimburse the City for eligible expenses the City has incurred. The City shall <br />notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br />Escrow ar.;ount falls below 7G% of the original escrow amount the Owner shall deposit additional sums as <br />directed by the City, or the City shall discontinue all review. <br />5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br />Owner when the review has been completed. <br />6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 ro erty pursuant to Minn. Stat.§§ 415.01 and 366.012. ,,, <br />/