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APPLICATION ESCROW AGREEMENT ��,...0 Zoning Application #� - � AGREEMENT made this ! �k� day of — F��L��'� � , 20 >L , by and between the CITY OF ORONO, a Minnesofa municipal corporation ("Cit�'} and ,y`. ,.r,,l �"` S�;�v, �, [a corporation—opfional� ("ApplicanY'). Recitais 1. Appficant has filed Zoning Application#�� - �formally requesting the City to review plans for ��,AN ^� located at Al� - f� '� ��i''`V�; � , the"Subject Property") as more fully sho n and de ribed on Exhibit"A attached hereto. 2. Applicant requests the City to review said plans which requires City approval including 3. The City is willing to commence its review of the application and incur costs associated with said review only if the Applicant establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE, TNE PARTIES AGREE AS FOLLOWS: 1. "DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Applicant shali deposit $� with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2, PURPOSE OF ESCROW. The purpose of the escrow is to guacantee reimbursement to the City for all out-of-pocket costs ±he City has incurred (including planning, engineering, or legal consultant review)or will incur in meeting with the Applicant, revie i g the plans, and preparing agenda packet material for City Council review of application # I Z - —;�� Eligible expenses shall be consistent with expenses the Applicant would be responsibie for under a zoning and subdivision application. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Applicant. Applicant shall be responsible for payment to the City within 30 days of the ApplicanYs receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant does not make payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without further approvai of the Applicant to reimburse the City for eligible expenses the City has incurred. The City shalf notify the Applicant of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amount falls below 75% of the original escrow amount the Applicant shall deposit additional sums as directed by the City, or the City shall discontinue all review. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Applicant when the review has been completed. 6. CERTIFY UNPAID CHARGES. If the project 'ts abandoned by Applicant, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance e subject property pursuant to Minn. Stat. §§ 4'!5.01 and 366.012. CITY.: CI G�F - O APPLICANT 1 OWNE�R: f � �_.-� �---�- ��-~-, By: � . /� By: � � �,,;' ;� � , ` Its: t Zi Its: r_.-' - 10 -