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', ' �. <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> �rrnrf-�- A�oFi# �.v c 5 -c� (a-4 a <br /> AGREEMENT made this a�day of �!- 20 �S, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation('Cit�')and -�'r,k,v, L_..�c�-bKe <br /> [a corporation-optionaQ ("Owners°). <br /> Recitals <br /> .i+ ?s�IS-OIZu a-- <br /> 1. Owners have file on# formally requesting the City to review plans <br /> for the property addressed: (the "Subject Propert�) legally <br /> described as <br /> 2. Owners request the City to review said pians 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 only if the Owners establish an escrow to ensure reimburs�nent to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE A3 FOLLOWS: <br /> A 1. DEPOSIT OF ESCROVy Fl��S. Contemporaneously with the execution of this Escrow <br /> greement, the Owners shall deposit$ '<� �U 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 aocount. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee r�eimbursement 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�i ers, reviewing the plans, and preparing agenda packet material for City Council <br /> review of La ication#2o�5-oizy z Eligible e�enses shall be consistent w�h 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 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 incuired. <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 /> a8reement 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 successfully completed. <br /> 6. CERTIFY UNPAID CHARGE3. If the project is abandoned by Owners, or i�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 OWNE : <br /> By: f'�C.� '�-� B . � <br /> � <br /> its: l� its: <br />