2012-00715 - escrow fee - Laserfiche WebLink

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. . . / APPUCATION ESCROW AGREEMENT Zoning Application# /Q - �� � AGREEMENT made this�3�day of u��t� , 2Q l v, by and between the CITY OF ORONO, a Minnesota municipal corporation("Cit�')and , h��I[�(�li�r;/,D s� [a corporation—optionaQ(°Applicant"). Recitals 1. Appli nt has filed Zoning Application# /Q - 3� formally requesting the Ciry to review ptans for � l � 1.�� located at - ,�'~�' � �- � � ' c c� . t � the°Subject Property° as more fully shown and described on xhibit" " ttache hereto. 2. Applicant requests the City to review said plans which requires City approval including ��i�('y'R-✓J c..�, S 3. The City is willing to commence its review of the appfication anci incur costs associated with said review only if the Applicant establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTlES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the App4icant shaU deposit$2��with the City. All accrued intenest, if any, shall be paid to the City to reimburse the City for its cosf in admin+stering the escrow account. • 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of�pocket costs the City has incuned(including planning, engineeri�g, or legaf consultant review}or will incur in meeting with the Applicant, reviewing the pfans, and preparing agenda packet material for Ciry Council review of application#�,� - Efigible expenses shall be consistent with e�enses the Applicant would be responsible for under a oning and subdivision appfication. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs,the Ciry will in turn send a bil! to the Applicant. Appficant shall be responsible for payment to the City within 30 days af the AppficanYs receipt of bilL 4. DISBURSEMENT FROM ESCROW ACCOUNT. !n the event that the Applicant does not make payment to the City within the timeframe outlined in#3 above,fhe Cirty may draw from fhe escrow account without further approval of the Applicant to reimburse the City for eligibls expenses the City has incurred. The City shafl notify the Applicant af such draw and the nature of the sxpense for which the reimbursement is being made. if the Escrow amount falls below 75°� of the original escrow amount the Applicant shall deposit additional sums as direated by the C9ty,or the City shail discontinue al1 review. 5. CLOSlNG ESCROW. The Balance on deposit in the escrow, if any, shali be returned to the Appticant when the review has tieen completed. 6. CERTIFY UNPAID CHARGES. lf the project is abandoned by Applicant, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shaU have the right to certify the unpaid balance to the subject property purs�ant to Minn. Stat. §§415.01 and 366_012. CtT�: C O - APP^ 10WNE : _ ��r By: B Its: � - Its: -10- .