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. . � C,� � <br /> _____ <br /> � APPLICATION ESCROW AGREEMENT <br /> Zoning Applica�ion #00-0000 <br /> � AGREEMENT made this day of , 2007,by and between the CITY <br /> OF ORONO, a Minnesota municipal corporation ("City") and , �a <br /> corporation—optional] ("Applicant"). � <br /> � . . Recitals ` - � <br /> � l. Applicant has filed Zoning Application# - formally requesting`the Cify to � <br /> review plans for <br /> . . �, . ,located at (the "Subject Property") as more ` ° ' <br /> fully shown and described on Exhibit"A"attached hereto. <br /> . - 2. Applicant requests the City to review said plans which requires City approval <br /> _ including . <br /> 3. The City is willing to commence its review of the application and incur costs <br /> associated with said review only if the Applicant establishes an escrow to ensure reimbursement <br /> � .. 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 <br /> this Escrow Agreement, the Applicant shall deposit $ with the City: All accrued -� <br /> interest, if any, sha11 be paid to the City to reimburse the City for.its cost in administering the <br /> . escrow account. . , -• � <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee <br /> reimbursement to the City for a.11 out-of-pocket costs the City has incurred (including planning, <br /> engineering, or legal consultant review) or will incur in meeting with the Applicant, reviewing <br /> the plans, and preparing agenda packet material for City Council review of application # - <br /> . Eligible expenses shall be consistent with expenses the Applicant would be responsible <br /> for under a zoning and subdivision application.� <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, <br /> the City will in turn send a bill to the Applicant. Applicant shall be responsible for payment to � �� <br /> the City within 30 days of the Applicant's receipt of bill. . . . . <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the . <br /> Applicant does not make payment to the City within the timeframe outlined in#3 above, the City <br /> may draw from the escrow account without further approval of the Applicant to reimburse the <br /> City for eligible expenses the City has incurred. The City shall notify the Applicant of such <br /> � draw and the nature of the expense for which the reimbursement is being made. If the Escrow � <br /> 136001 � �� <br /> Page 1 of 5 <br />