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APPUCATION ESCROW AGREEMENT <br /> Zoning Application# l� - '�S3g <br /> AGREEMENT made this "� day of b�'���'✓-�! 20 � � , by and b tween the CiTY OP <br /> ORONO, a�M'�n esota�p�rporation("City')and (1�1�Y���_n a ��f"G�.S ;`�'�•� <br /> . (a corporation-optionalJ("Applicant"). <br /> Recitals <br /> 1. Appfcant ha filed Z irtg plication# � 2- - _?'S3 b formally requesting the City to <br /> review plans for �� G� �/`�1J�,[q�,vi� <br /> located at S ZO ►JD�/ S-(n-m..e 1a-y�.-e <br /> the"Subject Property°)as more fuAy shown and described on Exhibit`A"attached hereto. <br /> i <br /> I �epplicant requests th�to review said plans which requfres City approval including���'��y <br /> v <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> revlew only if the Applicant establishes an escrow to erssure reimburssment to the City of its costs. <br /> � NOW THEREFORE,THE PARTIES AGREE AS FOtLOWS: <br /> ; 1. DEPOSET OF ESCROW S. Contemporeneously with the execution of this Escrow <br /> Agreement, the Applicant shall deposit$��'�with the City. All accrued interest. if any, shall be paid to <br /> the City to reimburse the City for its cost in administering the escrow account. <br /> I <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 fegal consultant review)or will <br /> ; incur in meeting with the Appficant, reviewing the plans, and preparing agenda packet material for City Council <br /> ; review of application# i?� - 3�3� . Eligible expenses shall be consistent with expenses the <br /> iApplicant would be responsible for under a zoning and subdivision application. <br /> I <br /> ; 3. MOfdTHLY BILLING. As the City receives consultant bills#or incurred costs, the City will in tum <br /> � send a bif( to the Applicant. Applicant shall be responsible for payment to the City within 30 days of the <br /> � ApplicanYs receipt of bi(I. <br /> � 4. DISBURSEMEPIT FROM ESCROW ACCOUNT. In the event that the Applicant does not make <br /> i payment ta the City within the timeframe outfined in#3 above,the City may draw from the escrow account without <br /> f further approval af the Applicant to reimburse the City for eligible expenses the City has incurred. The City shail <br /> { no6fy the Applicant of such draw and the nature af the expense for which the reimbursement is being made. If <br /> the Escrow amount falls below 75% of the original escrow amount the Appficant shall deposlt additional sums as <br /> � directed by the City,or the City shall discontinue a�l review. <br /> 5. CLOStNG ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Applicant when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Applicant, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid <br /> bafance to the subject property pursuant ta Minn. Stat.§§49 5.01 and 366.012. <br /> / <br /> CITY: C ��ONO APPL).E T 1 OWNE . <br /> �,% --- �• t <br /> ey: �- � gy_ ,:` <br /> �ts: (�e'_e ^ � tts: ►r1 <br /> -10- <br />