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LAND USE APPLICATION ESCROW AµREEMENT Application # t {;) -'3L/--o y' AGREEMENT made this / ]f day of [)eC.,&rnfx-r20 Oq_ by and between the CITY OF ORONO , a Minnesota municipal corporation ("City") and LJALA /,< Ol£tn E.F , //1./C: , [a corporat ion -optiona~ ("Owner"). Recitals 1. Owner has filed loning Application# I 0 review plans for ~bd I vi~ _ located at5g $ _n.f" P'IJ, vi,J- formally requesting the City to the "Subject Property") as more fully shown and described on Ex hibit "A " attached hereto . _ 2. Owner requests the City to review said plans which requires City approval including $ faff ~C/Jl #WY '=I (l#VVYlUj 1[8Vi ~- 3_ The City is w illing to commence its rev iew of the application and incur costs associated with said review only if the Owner establishes 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 Owner shall depos it $ -Z.5?0-with the City. All accrued interest , if any, sha ll be paid to the City to reimbu rse 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 C ity has incurred (including planning , eng ineering , or legal consultant rev iew) or w ill incur in meeting with the Owner, rev iewing the plans , and preparing agenda packet material for City Counci l review of application # IO -3t/:3~ . Eligible ex penses shall be consistent with expenses the Owner would be respons ib le for under a zoning and subdivision applicat ion. 3 . MONTHLY BILLING . As the City receives consultant bills for incurred costs , the City will in turn send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make payment to the City within the timeframe outlined in #3 above , the C ity may draw from the escrow account without further approva l of the Owner to reimburse the City for el igible ex penses the City has incurred . The City shall notify the Owner of such draw and the nature of t he ex pense for which the reimbursement is be ing made. If the Escrow amount fails below 75 % of the or igi na l es crow arn ou nt the Ow ner shall deposit additional sums as directed by the City , or the City shall discontinue all review . 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any , shall be returned to the Owner when the review has been completed . 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject ro erty pursuant to Minn. Stat.§§ 415 .01 and 366 .012 .