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LAND USE APPLICATION ESCROW AGREEMENT <br /> ' 4 Application #�- .:���� <br /> AGREEMENT made this 23 day of�r', , , 20 I�, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and M(ai�l> �^wtVlQVI ��d��)i� <br /> [a corporation— optronalJ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# ��I - 3�formally requesting the City to <br /> review plans for a <br /> located at the property addressed: � (l��i �Ctt1C{(1(� �sA i.'�/ <br /> (the "Subject Property") legally described 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 ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $ �QC% with the City. All accrued interest, if any, shaii 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, reviewin�q the pfans, and preparing agenda packet material for City Council <br /> review of application # �`f' - �(t�(t?,�i . Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use appiication. <br /> 3. MONTHLY BILLING. As the City receives consultant bilis for incurred costs, the City wi�l in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt 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 outiined in #3 above, shall cease all reviews until the Owners pay ali <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, shall be returned to the <br /> Owners when the review has been 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: CJTY F ORONO OWNE <br /> � � , � p� -�,� � � <br /> ; ';;^ �; � �r�-�-r�l�f���—' B � ' V"� ��� ���. �Q <br /> By: � '�*' y: <br /> �ts: � I�ii�� � � f��� ���i�� ��� �ts: <br /> Internal Use Oniy: �Original to Finance Department O Copy to Zoning File � Copy to Street Fife <br /> Packet Lasf Updated: March 2014 - <br /> Page 10 of 27 <br />