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LAND USE APPLICATION E C OW AGREEMENT <br /> Application# � '"' "3� Z-C.� <br /> AGREEMENT made this ���day of ��VGZ� , 20 IS n between the CRY Of <br /> ORO , a Minnesota municipal corporatio� ("Cit�') and . <br /> [a corporation-optionalJ ("Owners°). <br /> Recit I <br /> 1. Owners have f ed La d se A plicatio �5` ' ��ormally requesting the City to review plans <br /> for the property addressed: 3s� � (the "Subject Property') legally <br /> described as e .2.L' i <br /> 2. Owners request the City to review said p�ans which requires City approval and may require <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to commence its review aF the application and incur costs associated with said <br /> review only if the Owners establish an escrow to ensure reimburs ment fo the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contem aneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ 571D.� with the City. AA accn.ied interest, if any, shall be paid to the <br /> City to reimburse the City for its cost in administering the escrow ccount. <br /> 2. PURPOSE OF ESCROW. The purpose of the e crow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including plahnin , engineering, or legal consultant review) or witl <br /> incur in meeting with the Owners reviewing the ptans, and pre aring agenda packet material for City Council <br /> review of Land Use Application #����7Z� . Eligible expense shall be consistent with expenses fhe Owners <br /> would be responsible for under a land use application. <br /> 3. MONTHLY BILLING. As the City receives cons tant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for pay ent to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that fhe Owners do not make <br /> payment to the City within the timeframe outlined in #3 abovre, s all cease all reviews until the Owners pay all <br /> expenses invoiced pursuant to #3. The City may draw from 'the scrow account without further approval of the <br /> Owners to reimburse the City for eligible expenses the City has in rred. <br /> 5. CLOSING ESCROW. The Balance on depnsit i the escrow, if any, shall be returned to the <br /> Owners when all requirements related to the project are complete. City Staff shall review the terms of this escrow <br /> agreement two times per year to determine whether the require snts of the project have been successfully <br /> completed and whether it is appropriate to retum the funds. Ow r may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the app priate verification that all requirements of the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project i�ab ndoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall ha e the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: C F O N O NE��� _ ��� <br /> B . � By. <br /> G��t n-� v� <br /> �ts: '�� �ts: D wNt—�s <br /> Intemal Use Only: O O�igine!to Flnance Deparrinerd t�Co Y to Z+anirrg Ei1e G Capy to Str�et Fi1e <br /> �I � <br />