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i . <br /> = LAND USE APPLICATION ESCROW AGREEMENT <br /> Appltcatiort#�{O�to-O//83 <br /> AGREEMENT made this�day af , 201�, by and between the CtTY OF <br /> ORONO,a Minnesota municipal corporat4on ("Cit�')and i <br /> [a carporation—Qpt�onal� ("Owners'). <br /> Racitals <br /> 1. Owners have fiied Land Use A plication ��/��3formally requesting the City to review plans <br /> for the proPertY addressed: 1 p (the °Subject Propetfy') legally <br /> described as �b Q/o i �, <br /> 2. Owners request the Ci#y 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 vommence fts review of the application and incur casts assoclated with said <br /> review only if the Owr�ecs establish an escrow to ensure reimbursement to the City of its c�st�. <br /> NCW THEREFORE,THE PARTIES AGREE A8 FOLLOWS: <br /> 1. DEP08R O� ESCROW FUN�. Corrtemporaneously wfth the execution of this Escrow <br /> Agreemen#� the Owners shall deposit S.�SbD. with the City. Ni accrued interest. IF any, shall be paid to the <br /> City to reimburse the Clly for its cost In administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escraw ts to guarentee reimbursement to the Cily <br /> for a{I out-of-pocket oosts the City has incurred (including plann€ng,engineering, or legal consultant revtew)or will <br /> incur in meeting with the dwn�rrs, reviewing the plans, and preparing agenda packet material for City Council <br /> review af Land Use Appli�ation�U14-�V/83. Eligible expenses shal! be consister�t with expenses the Ownsrs <br /> would be responsible#or under a land use appllca#ion: <br /> 3. MONTHLY BILLING. As the City reoeives consultant bills for EncuRed casts, the City will in turn <br /> send a bill to the �wr�ers. Owners shaA be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. � ' <br /> 4. DISBURSEMENT FRQM ESCROW ACCOUNT. In the everrt that the Uwners do not make <br /> payment to the City within the timeframe outiined in #3 above, shali cease all reviews urrtil the Owners pay all <br /> expenses invoiced pursuarit to#3. The City may draw from the escrow account without further approval of the <br /> Owners to reimburse the City for eligible expenses th�City has incurt�ed. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, ff any, sfiall be retumed to the <br /> Owners when all requireme�rts related to the project are comp{ete. City Staff shall revfew the terms of thls escrow <br /> agc+eement two times per year to detennine whether the requirements ofi the proJect have been sua�sssfully <br /> campleted and whether {t is appropriate ta retum the funds. Owner may also request the release o#the funds, <br /> and such funds shal) be released upon Ci#y Staff receiving the approprfate verification that all requiremer�ts of the <br /> proJed have been successfuily completed. <br /> 8. CERTIFY UNPAID CHARGES. If the pro)ect is abandoned by Owners, or if the eligibte expenses <br /> incumed by the City exceed the amount in escrow, #he City shall have the rtght to certtfy the unpaid balance to the <br /> subject property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY: ITY OF ORQNO QWNE S: � <br /> `- '(�C. <br /> BY. � By; <br /> Its: � its: <br /> . ;,._. .._ - ..- -- , - •--- - <br /> _ . :� . �. . `":.` .�i�'��.��� `:�::'��:�:i�Y:�'��l:�.�"_:.. ��.:� _ _ _. <br /> ..��� <br /> Updated: May 2015 <br />