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* �, <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application # ��_ - .�J �ZZ <br /> AGREEMENT made this �� day of `�. l,L j�. , 20� by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and <br /> k'�(�}i z, �� L-.� �L Ar't� �'� �'1 <br /> [a corporation —optional] ("Owner"). <br /> Recitals <br /> 1. Owner has filed Zoning Application #� - � ZZ- formally requesting the City to <br /> review plans for �ci;;` ���;������.ti, <br /> located at ��r:.'� C.wi`�--ra-� �'->,� c:�a#�� <br /> the "Subject Property") as more fully shown and described on Exhibit"A" attached hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including <br /> �4 t���t�v�t�� <br /> 3. The City is wiiling to commence its review of the application and incur costs associated with said <br /> review only if the Owner establishes 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 Owner shall deposit $ � S�C7 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 wiil <br /> incur in meeting with the Owner, y�vi win the plans, and preparing agenda packet material for City Council <br /> review of application #�� - Z-�. Eligible expenses shall be consistent with expenses the Owner <br /> would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consultant bilis for incurred costs, the City will in turn <br /> send a biil to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of biil. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br /> further approval of the Owner to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br /> Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as <br /> directed by the City, or the City shall discontinue all review. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shali be returned to the <br /> Owner when the review has been completed. <br /> 6. C�RTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 IVlinn. Stat. §§ 415.01 and 366.012. <br /> CITY: CILIt(O,_E-�RONO OWNER: <br /> \ '� t. <br /> ,-;,_"�.4 S`l�'r 'i:a J'-_ 1 . <br /> By: ,� ----__. gy�`��.�_'� v�'� <br /> Its: Its: <br />