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� , �VVILL <br /> . $� �+ J APPLICATI N ESCROW AGREEMENT <br /> �e rrv�.cL. #.�-a► - b //0 8' <br /> AGREEMENT made this Zlo�'day of�S���'�. , 20�, by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation ("City")and <br /> pt�v�.�. aw.d -rc���s� -ra���,.sc� <br /> [a corporation—optionalJ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning�Application# o���` - D//0 � formally requesting the City to <br /> review plans for a Si �c f�.w�:� ' <br /> located at the property address d: O r r rnµv SS39 <br /> (the"�ubject Propert�') legaliy described as Lo Z r .-/ ,u <br /> I�vt N e-Pr'••�. Gawwl�v M,:�►hcso Q <br /> � <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owners establish an escrow to ensure reimbursement to the City of its costs. - <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ t,S�,�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 wifl <br /> incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application#o?O/� - 6//D$ . 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 /> �wners 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: l J� ►�� BY- �' S <br /> Its: ItJ Its: �- <br /> I�temal Use Onty: 0 Original to Finance Departrnent G Copy to Zoning File 0 Copy to Street File <br /> Packet Last Updated.• March 2014 <br /> Page 10 of 27 <br />