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LAND USE APPLICATION ESCROW NT <br /> Application# ��y'— �13�1"] <br /> K <br /> AGREEMENT made this day of ������, 20�� by �nd between the CITY OF <br /> ORONO, a Minnesota municipal corporation("Cit�')and -�vY1 � LF�YI iP L1 VlU <br /> [a corporation—optionalj("Owners"). <br /> Recitals <br /> 1. Owners have f"led Land Use Applica#ion��4'D����formally requesting the City to review plans <br /> for the prope ddressed: ��S 'FDr�F' l (the "Subject Property") . legally <br /> descri ed as ( � 11 Y► Y+ew t 'iYJt E t� u�• �0( l,oS 0 t= <br /> ' �(►e�tt�0�" �i fl6o, NuY►r+.�y�►� � � �.t N• <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 /> 7. DEPOSIT OF ESCRO � �N,p� Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ �%�,�with the City. All 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 consultant review)or will <br /> incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of Land Use Application �IN�013'11, Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use�pplication. <br /> 3. MONTHLY BILLING. As the City receives consuftant 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' <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 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 the escrow, if any, shall be retumed to the <br /> Owners when all requirements related to the project are complete. City Staff shall review the tertns of this escrow <br /> agreement two times per year to deterrnine whether the requirements of the project have been successfully <br /> completed and whether it is appropriate to return the funds. Owner may also request the release of the funds, <br /> and such funds shalf be released upon City Staff receiving the appropriate veri#ication that all requirements of the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the efigible 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: CITY OF OR O . OWNERS: . � /� <br /> gy. B . r�.., w-e_ <br /> ,�� y�- "� <br /> its: t���'Yt�i Gi�' ics: �es iG���!?�s G�.J✓l�v� <br /> �1�ma��'e Oi�, ��, CI Origi��#���?tnance Deparhme� .;�;�ti��Zrtn�ig Fi�e�� f <br /> ��►PN�°�'� <br />