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� <br /> � �. <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# �� - 3 ��� <br /> AGREEMENT made this o O day ofi ��, ,20 /!P , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("Ci#y") and / d/� L,!_L' <br /> [a corporation—optionaQ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application#� � 3 S�D� formally requesting the City to <br /> review plans for a � located at the property <br /> addressed: :�a� C.��,c o - (the "Subject Propert�') <br /> legally described as -' <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting tegal and/or engineering review. <br /> 3. The City is willing to commence its review of the applica#ion 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$ o15-1>(� with the City. Alt 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 /> incur in meeting with the Owners, reviewing the plans,and preparing agenda packet material for City Council review <br /> of application #� - 3 �D �. Eligible expenses shall be consistent with expenses the Owners would <br /> be responsible for under a iand use application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills fior incurred costs, the City will in turn <br /> send a bill fo the Owners. Owners shalt be responsible for payment to the City within 30 days of the Owners'receipt <br /> 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 unfil the Owners pay a41 <br /> expenses invoiced pursuant to #3. The Gity 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 Baiance on deposit in the escrow,if any,shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> two times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriafe verification that a!I requirements of the project have been <br /> successfully completed. <br /> 6. CER7'IFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by fhe City exceed the amount in escrow, the City shail have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CtTY OF�RONO OWNERS: <br /> sy: 1 Ill� a : x�—• --� f- <br /> � ✓�' <br /> �cs: 7 �n n � its: k <br /> Internal.Use Only:-;. �Qriginal:to Finance pepartrnent 0 Copy to ZoningFile.; q Copy to Street,File <br /> Variance Application—January 2016 <br /> Page 6 <br />