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dotloopsignatureverificarion: � ., ,; i ,rL;� ; __ , , ._- <br /> ' i <br /> � � � <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Applicatlon# /S 3737 '� <br /> AGREEMENT made this�_day of APR►�e. , 20/�, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation("City")and <br /> %i M S tc.Ef�.C.b/ <br /> [a corporation—opfionalj ("Ovmers'). <br /> ' Recitals <br /> 1. Owners have filed Land Use Application# formally requesting the City to review plans <br /> for the property addressed: 11 S"C I�e��s��s,,,,,y -�y�q,�L, (the "Subject Property") legally <br /> de5cribed as f�7�VAlA�T�ILO Z b 1�a Z Z 'f'N.4: r�Art s��rfr�e w7 bM9 k e�� �v..�Vsi a�!�w S►w <br /> 1.y�'w? � •� t�o t L.�'1 F* -�w rf�� �..�.E�r e�ww� <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 oniy 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$�!'�elO with the City. Ail 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 wiil <br /> incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Counal <br /> review of Land Use Application#/.5-3737 . Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs,the City will in tum <br /> send a bill to the Owners. Owners shail 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 evenfi 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 accourrt without further approval of tFie <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 terms of this escrow <br /> agreement two times per year to determine whether the requirements of the project have been successfully <br /> completed and whether it is appropriate to retum the funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been successfuliy 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 pursuant to Minn.Stat.§§415.01 and 366.012. <br /> C� � �TY OWNERS: <br /> �rT��N�G��O�LyIy�/��/� e�'G�G�G�y� d0421/7 5 1 0 47PM EDT � <br /> B�• B�/; •�' O ��C � QWYL-ASIW-GQSD-0NLA � <br /> � '�'. _ _.. �W. I�f Tif.� �. <br /> �wt�,�t�o��: , c�-o�p�it��o�o��c _o c�y:oz��a� _ o <br /> ���.��� <br />