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� ' <br /> APPLICATIUN ESCROW AGREEMENT <br /> Zoning Application#_L� - �� <br /> AGREEMENT made this 18th day of Januarv , 20 12 , by and between the CITY OF <br /> ORONO,a Minnesota munic:ipaf c:orporation("City'}and <br /> 7olm&Patq°Bailey,2807 Casco Point Road,Orono,l�1N ii391 <br /> [a corporation—opfionalj(`Applicant"}. <br /> Recitats <br /> 1. Appfirznt has fited Zoning App(icafion# f � -3� formally requesting the City to <br /> review plans for SCI2EE:"vt:D I'ORCH.�DI)ITI�� FOR JOI I?�ANI)P.�TT�'B.aILb1' <br /> located at �d7 Casc,�o Point Road,Orono,hiN 55391 <br /> the"Subject Property)as more fully shown and descxibed on Ezhibit"A"attac�ed hereto. <br /> 2. Applicant requests the City to review said plans which requires City approval including <br /> Variance Application <br /> 3. The City is willing to commence its review of the apptication and incur costs associated with said <br /> review only if the Applicant estabfishes an escrow to ensure reimbursement to the City of its costs_ <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLl.OWS: <br /> 1. DEPOSR OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Appficant shall deposit$ ?5(�.00 with the City. Ati accrued interest, if any, shall be paid to <br /> fhe City to reimburse the City for its cost in administenng the escrow account. • <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for aA out-o#-pocket costs tl�e City has incurred (indudmg ptanning,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 applicafion#�2 - �� ' . Eligibie expenses shall be consistent with expenses the <br /> Appficant would be responsible fw under a zoning and subdivision application_ <br /> 3. MONTHI.Y BILUNG. As the City receives cortsultant bills for incurred costs, the City wifl in tum <br /> send a bill to the Applicant_ Applicant shall be responsible for payment to the Ci1y within 30 days of the <br /> ApplicanYs receipt of bill. <br /> 4. DtSBURSEMENT FROAA ESCROW ACCOUNT. in the event that the Applicant does not make <br /> payment to the City within the timeframe outtined in#3 above,the City may draw from the escrow account without <br /> further approval of the Applicarrt to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Applicant of such draw and the nature af the expense for which the reimbursement is being made. If <br /> the Escrow amount falls below 75% of the original escraw amount the Appl�cant shall deposit additional sums as <br /> directed by the City,or the City shall discontinue all review. <br /> 5. CLOSING ESCROW. The Balanc;e on deposit in the escrow, if any, shall be retumed to the <br /> Appiicant 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 i� escrow, the City shall have the right to certFfy the unpaid <br /> balan the subject property pursuant to Minn. Stat.§§415.01 and 366.012. <br /> CITY: , �O O APPLICANT � ��y�A I� .� <br /> , /:� <br /> By. By: <br /> Its: Its: �u�!'!e� ►' <br /> -10- <br /> REGEIV�D <br /> JAN 18 20?2 . � <br /> � �IT������(�I�G� <br />