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APPLICATION ESCROW AGREEMENT <br /> Zoning Application#�_ - , :51 <br /> AGREEMENT made this��day of ✓ '` > , 20�/ by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City') and r�B �' �, �S.t)C�L�r�C_._ <br /> [a corporation —opfionalJ ("ApplicanY'). <br /> Recitals <br /> 1. Applicant has filed Zoning Application# l � - JJ( formally requ�sting the City to �'� <br /> review plans for �.(1 "".l' C � " 7^T� ��` 'ua/� .0 „Z%!k�6�C%� !.�'air"� <br /> located at %�% /,��� �Ca'� <br /> the"Subject Property") as more ful y shown and described on Exhibit"A" attached hereto. <br /> 2. Applicant requests the Cit to review said plans which requires City approval including <br /> P/'/�f!'C i�.(ke:� `L�.�t.5'f�c...=�01� ' �S�%�LC�I''��i'�'/17�'�� <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Applicant 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 Applicant shall deposit $����' �' with the City. All accrued interest, if any, shall be paid to <br /> the 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 Applicant, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # dl - J`�i(fi _. Eligible expenses shali be consistent with expenses the <br /> Applicant 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 Applicant. Applicant shall be responsible for payment to the City within 30 days of the <br /> ApplicanYs receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant 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 Applicant to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Applicant of such draw and the nature of the expense for which the reimbursement is being made. If <br /> the Escrow amount falls below 75% of the original escrow amount the Applicant 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 /> Applicant when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Applicant, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid <br /> balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> �.- <br /> CITY: CI ,O Q OR NO APPLI NT I OWiVE -� <br /> I G��� <br /> By: By: <br /> 4 <br /> its: it : , <br /> � - 10 - <br />