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< < <br /> ✓ <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application # �D/5-ljp�LS1/ <br /> AGREEMENT made this�_day of April , 20�, by and between the CITY OF <br /> ORONO, a Minnes�ta municipal corporation ("City") and I PsliP R Jeracl Hahn <br /> [a corporation— optional] ("Owners"). <br /> Recitals <br /> 1. Owners have filed Land Use Application #aoiS�ys�/formally requesting the City to review plans <br /> for the property addressed: �D Q f3rD u/Y�_ 2�l /l� (the "'Subject Property") legalty <br /> described as <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulti�g legal andlor engineering review. <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owners establish an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTlES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDIS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $ ��-Fi'�>���`=- 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 O� ESCROW. The purpose of the escrqw is to guarantee reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, engineering, or legal consultant revisw} or will <br /> incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of Land llse Application #�!S-pUyy! Eligible expenses shal! be consistent with expenses the Owners <br /> would be responsible for under a land use application. <br /> 3. MONTHLY BILLING. As the City receives consultant biils for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment ta the City within 3Q days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make <br /> payment to the City within the timeframe outlined in #3 above, shall cease al! reviews until the Owners pay all <br /> expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the <br /> Owners to reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when al! 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 requirements of the project have been successfuliy <br /> completed and whether it is appropriate to return the funds. Owner may aiso request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, 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 property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CITY: CITY OF ORONO OWNERS: <br /> By: �J�L�� YY�V �`"' By <br /> �ts �ts: 4/11/15 <br /> ; Internal Use Oniy: �Orig9nal to Finance Departm+ent �Copy to 2oning File 0 Copy to Street File � <br /> � j <br /> Updated: January 2015 <br />