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• . <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Appllcatlon#�oi�-o//83 <br /> AGREEMENT made this�day of�C�'D,�j�,�, 20 by and between the CRY OP <br /> ORONO,a Minnesota municipal corparatron (�Cit�')and i <br /> [a c:orporation—optional� ("Owners"}. <br /> Recitals <br /> 1. Ovmers have fiied Land Use A plication#d►O�b��/1�'3formally requesting the City to review plans <br /> for the property addressed: /c� / � {the °Subject Properiy°) legally <br /> aescribed as Ldb 9�o i �lr <br /> 2. Owners request the City to review said pians which requires City approvat and may require <br /> consuRing legat and/or engineering review. <br /> 3. The City is willing to commence Its review o�f the application and incur costs associated with said <br /> review oniy if the Owners establish an escrow to ensure reimbursemerrt to the C3ty of its c�sts. <br /> N�W THEREFORE,THE PARTIES AGREE A8 FOLLOW3: <br /> 1. DEPOSR O� ESCROW FUN�. Cor�temporaneously with the execution aF this Escrow <br /> Agreemen#� the Owners shall depos�t;.��_with the Clty. Ali �ccrued interest. If any, shall be paid to the <br /> City to�eimburse the City ior its cost in administering the escrow acxount. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow Is to guarentee reimbursement to the City <br /> for a!I out-0f-pocket c�sts the City has incurred {including plannmg,engineering, ar legai consultant review)ar will <br /> incur in meeting with the Owr�ers, reviewing the plans, ar� preparing agenda packet material for Cfty Council <br /> review af Land Use Application�2/�I4-Ult 8�. Efigible expenses shali be consisterrt with expenses the Ownsrs <br /> would be responsibie for under a land use application: <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will tn turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the Cit�+ within 30 days of the Owners' <br /> reoeipt of bill. � � <br /> 4. DISBURSEMENT FRQM ESCROW ACCOUNT. In the everrt that the Oumers do not make <br /> payment to the City within the timeframe outlined in #3 above, shall oease alt reviews ur►til the Owners pay all <br /> ex�nses invoiced pursuarrt to #3. The City may draw from the escrow account without further approvai of the <br /> Owners to reimburse the City for eiigible expenses th8 City has incurred. <br /> 5. CLOSiNG ESCROW. The Balanc;e on deposit in the escrow, if any, shall be retumed to the <br /> Owners when all requiremeirrts related to the proJect are oomplete. Cit�r Staff shall review the terms of this estx�ow <br /> agreemerrt two times per year to determine wheth� the requirements of t�e projeCt have been successfully <br /> completed and whether it is appropriate to retum the funds. Oumer may also request the release of the funds, <br /> and such funds shap be released upan City Staff receiving the appropriate ve�lfication tha#all requiremerrts of the <br /> pro�ec�have been sucxessfuliy compieted. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the�ligibte expenses <br /> incurred by the City exoeed the amount in escrow, #he City shall have the right to certEfy#he unpaid balance to the <br /> sub�ect property pursuant to Minn.Stat.§§415.01 and 366.012. <br /> CITY: ITY OF ORONO QWNE S: � <br /> r--- � <br /> By: � By: � <br /> i�: l n�: <br /> - - _ . . _:. _ _.. . <br /> ..,_ _ . <br /> � . - . ..__ <br /> .,� t��► _. ��>.::;�:�!�r.�;�:�. . _�. :��:�.�:'�� <br /> . _ :� , .. <br /> Updatad: May 2015 <br />