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. � LAND USE APPLICATfON ESCROW AGREEMENT <br /> Apptication#�o/lo-ol l 83 <br /> AGREEMENT made this�_day of , 20�, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City")and <br /> [a corporation—optionalJ ("Qwners"). <br /> Recitals <br /> 1. Owners have fiied Land Use A plication#a0/b-�//�'3formally requesting the City to review plans <br /> for the property addressed: �o� / �- D (the "Subject Property°) Iegally <br /> described as �� 9/o i a •k <br /> 2. Owners request the City to review said plans which requires Clty approval and may require <br /> consulting legal and/or engineering review. <br /> 3. The City is willing to c�mmence 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 A3 FOLLOWS: <br /> 1. DEPOSR OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreemen#, the Owners shall deposit S.�:SD�t1.O° with the Ctty. Aff accrued interest, ff any, shall be paid to the <br /> City to reimburse the Clty for its cost In administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escraw fs 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 Cfty Council <br /> review of Land Use Application #�U!!�-dll 83. Eligible expenses shali be cansistent with expenses the Owners <br /> would be responsible for under a land use applica#ion. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to fhe Owners. Owners shall be responslble 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 csase all reviews until the Owners pay al! <br /> expenses invoiced pursuarrt to #3. The Crty may draw from the escrow account withou#further approval of the <br /> Owners to reimburse the City for e{igible expenses the Clty has incurred. <br /> 5. CL�SING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owners when al! requirements related to the project are complete. City Staff shal! review the terms of this escrow <br /> agreement two times per year to determine whether the requirements of tE�e project have been successfully <br /> completed and whether it is apprapriate ta retum the funds. Owner may aiso request the release of the funds, <br /> and such funds shall be released upan Ci#y Staff receiving the appropriate verification that all requiremerrts of the <br /> project have been successfully completed. <br /> 8. CERTIFY UNPAID CHARGES. if the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amaunt in escrow, the City shall have the right to certffy#he unpaid balance to the <br /> subject property pursuant to Minn. Stat.§§415.01 and 366.012. <br /> CITY: 1TY OF ORQNO OWNE S: S <br /> r-- �By: � By: <br /> Its: l fts; <br /> -. - -- .- .. _ <br /> .. . . . ..-- - _ <br /> " .� � ��+����?�� . :._��x����a. - �:�,__.__... _ , <br /> ._.. - - - . . , .. ... . . ����+► <br /> Updeted: May 2015 <br />