Laserfiche WebLink
APPLICATION ESCROW AGREEMENT <br /> Zoning Application# i � - 3,5� <br /> AGREEMENT made this�day of /,' 20 � ! , by and befinreen the CITY OF <br /> ORONO, a Minnesota municipal corporation ("Cit�') and _Q,rl.�.s Tru w r f GCl�c�- PG/G� /� �i C'Q,Y'� <br /> [a corporation—optiona/J ("Applicant"). <br /> Recitals <br /> 1. Applicant has filed Zoning Application# /a - �5 D formally requesting the City to <br /> review plans for <br /> located at <br /> the"Subject Property")as more fully shown and described on Exhibit"A"attached hereto. <br /> 2. Applicant requests the City to review said plans which requires City approval inctuding <br /> 3. The City is wilfing to commence its review of the application and incur costs associated with said <br /> review only if the Rpplicant 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 Applicant shall deposit $ SDO, � with the City. All accrued interest, if any, shall be paid to <br /> the 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 A plicant, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application# �o - � Eligible expenses shall be consistent with expenses the <br /> Applicant would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the Ciry will in turn <br /> send a bill to the Applicant. Applicant shall be responsible for payment to the City within 30 days of the <br /> ApplicanYs receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant 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 Applicant to reimburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Applicant of such draw and the nature of the expense for which the reimbursement is being made. If <br /> the Escrow amount falls below 75% of the original escrow amount the Applicant 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, shall be retumed to the <br /> Applicant when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Applicant, or if the eligible <br /> expenses incuRed by the City exceed the amount in escrow, the City shall have the right to certify the unpaid <br /> bala e subject prope pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: 0 APPLI NT/ E <br /> By: By: r <br /> its: c ��� <br /> - 10- <br />