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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# �3�3C;Da� <br /> AGREEMENT made this_�day of , 20 �?J, by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation("Cit�')an r� �� <br /> [a corporation—optionaq("Owner"). <br /> Re ' als <br /> 1. Owners have filed Zoning Application # formally requesting the City to <br /> review plans for l��iC. V pp <br /> located at (u o v ^ � �D � <br /> the"Subject Property")as more fully shovm and described on Exhibit"A"attached hereto. <br /> 2. Owners request the City to reviev�said plans w ich requir s City approval including 1 S�u�ce� 8�' <br /> C��difinvw!�. �)�c, IPerr��Y �fe� 1 annal ra. (��v, o� v��c. �-Pna�u soo c�v. .�d s, <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 Ciry 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$ �7'O�,�° 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 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 Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # l 3-3(�a�{ . Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a zoning and subdivision 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 Ciry 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 <br /> Owners when the review has been 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• TY E ORONO OWNERS: � f�'l9��eS� L � C <br /> By: By: LJ l�a ., <br /> ' � n�n,��LLC_ . <br /> Its: �1' Its: <br /> Padcet Last Updated.• 0329/13 <br /> Page 10 of 29 <br />