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, � LAND USE APPLI TION ESCROW AGREEMENT <br /> Application#�_- ��.P�f� <br /> AGREEMENT made this �� day of ��j'�� ,. 20 d � , by d befinreen the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and �� �l�1 <br /> [a corporation-optionaQ ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application# I � - ��A(PD formally requesting the City to <br /> review plans for a C��i <br /> located at the property addressed: S5 9�-4�-d� <br /> (the"Subject Property")legally described as ��- <br /> 2. Owners request the City to review said plans 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 reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCRO F ND�. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ ��, 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 th wners, viewing the plans, and preparing agenda packet material for City Council <br /> review of application #� - �. Eligible expenses shall be consistent with 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 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 inn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ORONO �!,/!,/�A•�� /��(t�NERS: <br /> gy. gy;G�` <br /> �ts: 4���l.!/�J its: 6 vv�v�.�r <br /> _._ _ <br /> In�emal Use Onlyw. , b�O�iginal'��o F�,a'4'�n e Departmen �,,; �" ''�. ;�oP .���..�.�9-�� s�o.P,Y�.o..��....�._:��.e <br /> Packet Lasf Updated: January 2014 <br /> Page 1 D of 27 <br />