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. ✓ <br /> � . , . <br /> LAND USE APPLICATION ES ROW REEMENT <br /> Application# "' L <br /> AGREEMENT made this 3n� day of ,2016 , by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and� . NN 1JiY , <br /> [a corporation—optionaQ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Land se Application#����/ formally requesting the City to review plans <br /> for the property addressed: y a • (the "Subject Property") leg Ily <br /> described as �! 0� o ,� � �9/✓ Z,,3 <br /> 2. Owners request the City to review said plans which requires City approval and may �equire <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 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 $2 •�nrith 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 Own rs,reviewing the plans,and preparing agenda packet material for City Council review <br /> of Land Use Application #/�" . Eligible expenses shall be consistent with expenses the Owners would <br /> 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'receipt <br /> 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 incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow,if any,shall be returned to the Owners <br /> when all requirements related to the project are complete. City Staff shall review the terms of this escrow agreement <br /> finro times per year to determine whether the requirements of the project have been successfully completed and <br /> whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall <br /> be released upon City Staff receiving the appropriate verification that all requirements of the project have been <br /> successfully 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 property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ONO OWNER • <br /> B By: <br /> its: �'�1.�� its: a�.,�.s <br /> � <br /> internal Use�nlyc �Original to Planning Department G Copy to Zoning Pile �Copy#o Street File <br /> Subdivision Application—January 2016 <br /> Page 10 <br />