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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# /�(o - ���/ <br /> AGREEMEt�T made this �� day of � ►� `�--��- 20 ��, by and between the CiTY OF ORONO, <br /> a Minnesota municipal corporation ("City")and ��w N�c.-.-y ��cr <br /> [a corporation—optional] ("Owners"). ' <br /> Recitals <br /> 1. Owners have filed Zoning Application# /� - c3�aZ-/ formaliy requesting the City to <br /> review plans for a Lf. !�t _ /° located at the property <br /> addressed: /S LS f-d/�t/!tL,IJ c{ A��� (the "Subject Property") <br /> legally descnbed as <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 ESCf20W FUNDS. Contemporaneous�y with the execution of this Escrow <br /> Agreement, the Owners shall deposit$�with the City. Ail 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 consuitant 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 #___[� - �'�_. Eligible expenses shali 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 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'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 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 tne escrow,if any,shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff sha11 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 CtiARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurretl 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 /> CtTY� CITY OF ORONO OWNERS: "' � ' 1 <br /> BY: � ��Vd�/�W V � By� _`'� <br /> �ts: n l�S n�' �ts: <br /> Intemal tlse Only: �Original to Planning Department Q Copy to 24ning File 0 CopN to Street File <br /> CUP Applicafion—January 2096 <br /> Page 5 <br />