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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application #� - .35(p� <br /> r�� <br /> AGREEMENT made this , day of < I:L � 20� by and . between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City")and ��I I�{ ►%1�1�l�(/��f'i <br /> [a corporation—optionalf ("Owners"). <br /> Recitals <br /> 1. Owners ave filed Zoning A plication # ( 35�v� formally requesting the City to <br /> review plans for ' ` �I S� � �i <br /> located at ` � <br /> the"Subject Property")as more Ily shown and described on Exhibit"A"attached hereto. <br /> 2. Owners re.quest the City to review said plans whic.� requires City approval including l.�t,�-E�;��i4Y� <br /> �.( i�VS . -r'il il/,� Y`P.P Ul l'4�'1 � t�l G1,.�n!�t I��'�E+t l�il/1 G(/U <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$�(�D'� 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 application# �a� - �,5�o g. Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consuttant 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 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: CITY OF ORONO OWNERS: ��� <br /> By: ii?��frl-o�ev � C� By: '�`�-- <br /> Its: �� ���� By: <br /> Its: <br /> Internal Use Only: �Original to Finance Department 0 Copy to Zoning File � Copy to Street File <br />