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LI-\ND USE APPLl~ATION ESCROW AGREEMENT Application# /f2 -"'2,,,-/7<:::::, . AGREEMENT made this t,L(, day of c{/A.J Lj , 20 /_5, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and ft¥ -=z::td= i-/ Df--f-= [a corporation -optiona~ ("Owners"). Recitals 1. Owners have ~iled Zoning AJ1pl_ication #_/_5 __ --? 17 5 formally requesting the City to review plans for a C:,,/A,J ~ I 0-e,h.. located at the property addressed: ------,----U....,,t;,.,.~~~-:;~,.,~:....!.S.,t--,--:£..!.L...,--~---:::<""r----.--,,..----,-----,---,-r-t (the "Subject Property") legally described as ::,J.Jd&.J~~...!JJ~~C-!d!.':l..d...:=---.I..:J+J.i;;::1.&J(,£:;_::::::::/-,/J4U::1.~~~ 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 $%OP...-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, reviewing the plans, and preparing agenda packet material for City Council review of application# 16 -~'TIS . 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 all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully 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 unpaid balance to the subject property pursuant to Minn. Stat.§§ 415.01 and 366.012. ::T~ld'. Its:_.__~--------- Internal Use Only: Cl Original to Finance Oepartment Cl Copy to Zoning File Cl Copy to Street File Packet Last Updated: January 2015 Page 10