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„ , i.. <br /> APPLICATION ESCR W AGREEM�T� <br /> Zoning Application# � 3J� <br /> AGREEMENT made this�day of �n e. , 20f�, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City”) and <br /> [a corporation—optional] ("Owner"). <br /> Recitals <br /> 1. Own r has filed Z��A plication#� - formally requesting the City to <br /> review plans for J • <br /> located at O I" <br /> the"Subject Property")as more fully sho and described on Exhibit"A"attached hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUND Contemporaneously with the execution of this Escrow <br /> Agreement, the Owner shall deposit $ 5 O�. ith 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 wner, reviewin the plans, and preparing agenda packet material for City Council <br /> review of application#� - . Eligible expenses shall be consistent with expenses the Owner <br /> would be res onsible for under a zoni�ubdivision a lication. <br /> P 9 PP <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br /> further approval of the Owner to reirnburse the City for eligible expenses the City has incurred. The City shall <br /> notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br /> Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as <br /> directed by the City, or the City shall discontinue all review. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owner when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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 O RO O�/� OWNE <br /> By: By: <br /> �ts: �-�.' a�N.�. <<e�� �ts: <br /> Variance Application Updated: January 31,2012 <br /> - 11 - <br />