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LAND USE APPLICAT N ESCROW AGREEMENT <br /> Appiication # i .� - �i (�'"�� <br /> AGREEMENT made this�_�-tlay of , 0 � b and betw n t e CITY OF <br /> ORONO, a Minnesota municipal corporation ("City and <br /> [a corporation-optional� ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning pplication# , 7�� formally requesting the City to <br /> review plans for a l� t 6 (� '�E' C�l'Vif'�? -CB'L� <br /> located at the property addresse . <br /> (the"Subject Property") legally described as - � ' � <br /> c•- o <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 application 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 $�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 /> i�citr �n mgatin� with t!,a�ln;r�ers, rPviQwinn t�lE? �I.�Rg, anc� nreparinc agend� nacket material for City Council <br /> review of application # l - �.�(�'%� , . 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 /> "j a <br /> CITY: CITY OF ORONO OWNERS: <br /> By:���' ���/�/� ' i <br /> "�� By: <br /> its: �''2-t'2�-�.-t-,-�—� its: <br /> �� <br /> Internal'Use Only: ❑Original to Fiaance Department D Copy to Zonin,g Fi1e �Copy to Street;File <br /> Packet Last Updated: March 2014 <br /> Page 10 of 25 <br />