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, � � ✓ <br /> LAND USE APPtICATION ESCROW AGREEMENT <br /> Application#_ I 5 - 3��1 <br /> AGREEMENT made this�day of � , 20� by and between the GITY OF <br /> ORONO,a Minnesota municipal corporation ("City")an �D d� {��,� �- <br /> [a corporation-optionalj("Owners"}. <br /> Recitals <br /> �. Owners have filed Zoning�p�icata n# �� _ 3�forrrtally requesting the City to <br /> review p{ans for a J�V <br /> located at#he property addressed: <br /> {the"Subject PropeRy �iegai�y descrrbed as S� �-��� <br /> 2. Owners request the City to revisw said plans wfiich requires City approvat and rnay require <br /> consulting legal and/or engineerfng revisw. <br /> 3. The City is willing to commence its teview of the appiication and incur costs associated with safd <br /> revf�w oniy if the Owners esfablish an escrow to ensure reimburserr�ent to the City of iis costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> i. DEP4SIT OF ESCROW Ft1ND�. Contemporaneously with the execution of this Escrow <br /> Agresmenf, the Owners shali depasif$�`y��h the Cify. Ail accrued interest, if any, shalt be paid to the <br /> City to reimburse the Ciiy for i#s cos#in adminis#ering the escrow accouni. <br /> 2. PURPOSE OF EBCROW. The purpose of the escraw is tt� guaraniee reimbursement to the City <br /> for ail out-af-pockei costs fhe City has incurred (induding planning, er�gineering, or fegat consuitant review)or wi!! <br /> incur in meeting with th� Qwners, reviewin the plans, and preparing agenda packet material for City Council <br /> revfew o#application # 5 - �. �I�ya51e expenses shaN be consistent with expenses the Owners <br /> would be responsibie far under a lar�d vse apptication. <br /> 3. MOMTWLY BILUNG. As ihe City receives consultant bills far incurred costs, the City will in tum <br /> send a bilt #o ihe Owners. Ov,+ners sha4i be responsib�e for payment to the City within 30 days of the Owners' <br /> receipt of t�iiF. <br /> 4. D�SBURSEMENT FROM ESCROW ACCOlJNT, In the even# that the Owners do r�ot rr�ake <br /> payment to the City withln the timeframe ou#iined in #3 above, shal! cease ail revfews un#fl the Owners pay aii <br /> expenses invoiced pursuant to #3. The City may draw from the escrow accaunt without furthe� approval of the <br /> Owners to reimburse the City for eligibls ex�renses tfi�e City has incurred. <br /> 5. CLOSItVG ESCROW. The Balance on deposit in the escrow, if any, shall be re#urned to the <br /> Owners when ai!requirements reiated to the praject are complete. City StatF shall revisw the terms of this escrow <br /> agreement two times per year to determine whether the requirements of the project have been successfully <br /> completed and whether it is appropriaie to retum the funds. Owner may a{so request the refease of the funds, <br /> and such #unds sha(t be reisased upon City StafF receivir�g the appropriafe verification t�at at�requ+�ements of the <br /> project have been succ�ssful#y compieted. <br /> 6. CERTIFY UNRAID CHARGES. I#the praject is abandoned by Owners, or if the etigible expenses <br /> incurred by the City exceed the amount in escrow, the City shal! have the right to ce�#iiy tfie unpaid balancs to the <br /> subject prope�ty pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CI C TY OFtC����✓"J OWNERS: <br /> ay: ' � , <br /> By: <br /> fts:� �'t-P� lis: <br /> Intema!Use OnlY: �l3rigirtal ta Ffnance Department �Copy to Zoning P[le [�Copy to Street pils <br /> Pscket Last Updated: Augusi 2015 <br /> Page 10 <br /> _...____ �._.�...�.., <br /> --- <br /> ---....._._.___� <br /> ----�--'-----r--.. <br />