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� �� �, + ��� <br /> APPLICATI N ESCROW AGREEMENT <br /> �e rr1.�L. #.�-a i _ b �/0 8 <br /> AGREEMENT made this ZCv�day of Se �. , 20�, by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation ("City")an <br /> �Ctv i�, av.d �'ur��� 1-a���.�so� <br /> (a corporation—opfionalJ ("Owners"). <br /> Recitals <br /> 1. Ow�ers have filed ZoningApplication# ��7 - D//D � formally requesting the City to <br /> review plans for a Si h �t E�.r...` ' <br /> located at the property address d: D r r �oKo SS39 <br /> (the"�ubject Propert�') legally described as Lo Z r .../ ,�, <br /> i�,lc►�t t�t G Pi'�, Lawwfv /`�l.'vtiMc so Q <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$ 2,5�,�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#he 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 Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application#o?D/� - 6//D 8' . 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 witl in tum <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 �wners 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 ORONO OWNERS: <br /> By: ��IUD11 h9�,.� By: � S <br /> �ts: �S �ts: G�- <br /> Intemal Use Onty: G Origl�al to Finance Department O Copy to Zoning Fi(e 0 Gopy to Street F(le' <br /> Packet Last Updated: Maroh 2014 <br /> Page 10 of 27 <br />