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s .� <br /> z(�'1�► ��'►1�i�" <br /> APPL{CATfON E CROW AGREEMENT <br /> Application# 6 �^l1 � <br /> AGREEMENT made this � day of t,l YIS�- , 20 ��, by and between the Ci Y OF <br /> ORONO,a Minnesota municipal corporation ('City'�and N`1P,�1 (�vh�Yl(� nY� IQ12. 1 6 <br /> _�Y�UI'C.�.. (�0.Cld nP�14�Q�1'�.Pj1 t" <br /> [a corporation-opfionaij{`Owners"). <br /> Recitals <br /> 1. Owners have filed Land Use Application�bu7'llformally requesting the City to review plans <br /> for the property addressed: 4h._.S (�ON�1 f�rfYv� �QYISL. {the `Subject Property") legally <br /> described as <br /> 2, Owners reques# the Ci#y to review said plans which requires City approval and may require <br /> consulting legal and/or engineering re�iew. <br /> 3. The City is willing to commence iis 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 7HEf2EFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROV�( _FUNQS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shatl deposit$ 'LO�8(� with the City. All accrued interest, if any, shall be paid to ihe <br /> City to reimburse the City for its cost in administering the escrow aacount � -- --- - - <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 mee#ing with the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of Land Use Application#2015-Ooll l. Etigible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use application. <br /> 3. MONTHLY B1�LING. As the City receives consuftant bills for incurred costs, the City witl in turn <br /> send a bil! 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 al1 <br /> expenses invoiced pursuant to#3. The City may draw from the escrow account wi#hout 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 al!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 ta retum the funds. Owner may also request the reiease of the fiunds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements o#the <br /> project have been successfully completed. <br /> 6. CERTIFY UNPAtD CliARGES. If the project is abandoned by Owners,or if the eligible sxpenses <br /> incurred by the City exceed the amount in escrow, the City shaN have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat.§§415.01 and 366.012. <br /> ClTY: C OF ORONO OWNERS� <br /> sY: � 4'��1 h� ay: <br /> its:_ �1 ��S�QV� �ts: /!/�/1G�A� <br /> Irrternat Use�nly: p Or�ginal to Finance DepartmeM �Copy to Zoning File O Copy to Street File <br /> Updaied: May 2015 <br />