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� ' LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# /,(o - ��a./ <br /> AGREEMENT made this �.3 day of ��-��- 20 ��, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City")and i��� Mrc-ry �e-K.�✓" <br /> [a corporation—optionalJ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# /� - c3��-/ formally requesting the City to <br /> review plans for a L�. !�l - i° located at the property <br /> addressed: /S LS �t//'Y/!t(,(J 4t cLyl�, (the "Subject Praperty") <br /> legally described as <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting legai andlor 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 $�with the City. AI1 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 #�f,e - � 8'�/ . Eligibte expenses shall be consistent with expenses the Owners would <br /> be responsible for under a land use application. <br /> 3. MONTHLY BILLING. As the City receives consultant biHs 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' receipt <br /> of bil(. <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,shaH be returned to the�wners <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 appropriate verification that all requirements of the project have been <br /> successfully 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: �� � ' 1 <br /> By: � By ``' "d�-- <br /> Its: h W n 1 Its: <br /> Internal Use Only: �Original to Planning Department 0 Copy to Zoning File 0 Copy to Street File <br /> CUP Applicafion—January 2016 <br /> Page 5 <br />