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LAND USE APPUCA��N ESCRO A' EEMENT <br /> Application # <br /> AGREEMENT made this_�__�__day of F` '�--- , 20��, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and <br /> � �i s+- �i�Si.1 �1 �;-' �/ <br /> [a corporation- optiona� ("Owner"). <br /> Recitals <br /> 1. Owner has filed Zoning Application # ��_ - _� `� �� formally requesting the City to <br /> review plans for C'-��'P�c� Pr��CI �/2,, ��vc,f �,{�1��t�r�-� <br /> located at T— �S ' ���15 �,✓�}-'Xc,� <br /> the"Subject Property") as more fully shown and described on Exhibit"A" attached hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including <br /> i��v�ra-vtC=�� <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owner 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. Contemporaneousiy with the execution of this Escrow <br /> Agreement, the Owner shall deposit $2,5C�� 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 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 wner, ,c�vie,v��ing the plans, and preparing agenda packet material for City Council <br /> review of appiication # C"� - .�'� � � . Eligible expenses shall be consistent with expenses the Owner <br /> would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consultant bilis for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shali be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. fn the event that the Owner 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 Owner to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br /> Escrow amount falls below 75% of the original escrow amount the Owner 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, shail be returned to the <br /> Owner when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 NER: <br /> By: g : � <br /> �tS: i 1 N�.�.I�..�� �1/'e�' .'K!� �tS: <br /> RECEIVE� <br /> JUN 1 �' 2009 <br /> !`ITv n� r,r,r,.�.. <br />