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, <br /> � ��;�ira-1 o h►�r►ce_ De�f' <br /> � ° �� fi� <br /> . <br /> zo,�� �;�. <br /> APPLICATION ESCROW AGREEMENT <br /> Zoning Application#08- ��(a <br /> AGREEMENT made this��day of , 2008, by and betwe n the CITY OF ORONO, a <br /> Minnesota municipal corporation (°City") and L1 f-,���N,,�;� �,����� /l_ <br /> [a corporation—optionalJ ("ApplicanY'). <br /> Recitals <br /> 1. Applicant has filed Zo�ing Application#08- ��b formally requesting the City to review <br /> plans for 'f�f�Y t�'+'VIC.�� t�: tD�1�C� � hCx3S� <br /> located at �{�,Z� O i- , � <br /> the"Subject Property") as more fully shown and described on Exhibit"A"attached hereto. <br /> 2. Applicant requests the City to review said plans which requires City approval including �/f-�V if�MC�,S <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 $ �U� 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 appiication#08- �i''"�� . Eligible expenses shall be consistent with expenses the Applicant would <br /> 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 Applicant. Applicant shall be responsibie 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 /> CITY: Y OF ORONO APPLICANT/OWNER: <br /> ?"1 /� <br /> � 1 �1 <br /> By: � � t-/ By:`/'"�.�.�,' �ii�1,�'u-d�G,�. <br /> 1 <br /> �LJ. �4 N.-'\VJ(,(_`�l i L�.-'\C/ 'f �lJ. <br /> - 10- <br />