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• . 1 <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application#�- � �v 4 7 <br /> AGREEMENT made this�_day of , 20 , by and between the CITY_�?F <br /> ORONO, a Minnesota municipal corporation ("Cit�') and <br /> Y6 C.�1- <br /> [a corporation—optionaQ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# /`7 - �(097 formally requestin the City to <br /> review plans for a� A�� c't`r c NA� �.�/'�+�r� ��1 zN� G����r4 ��;��i4%d..e, � ��'�2�`'�.:�}�l <br /> located at the property addressed: P c�c.. <br /> (the"Subject Property') legally described as � I.D� 2-��-- 1 —z-3 �-�z.-�— ��t" <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to commence its review of the appiication 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 PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $ o�SOt�•°O 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 O�y�ners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # /`f - �3�9 7 . Eligible expenses shall 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 bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 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 all 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 the review has been 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 R � OWNERS: <br /> gy; � By: <br /> Its: Its: <br /> Internal Use Only: 0 Original to Finance Department ❑ Copy to Zoning File � Copy to 5tceet File <br /> Packet Last Updated.• March 2014 <br /> Page 10 of 27 <br />