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� ' LAND USE APPLICATION ESCRO AGREEMENT <br /> Application#����- �� (�7 � <br /> �, `� <br /> AGR� MENT made this � day of�1� � , 201 , by and between the CITY OF <br /> ORONO, a Mi nesota municipal corporation ("City")and GY <br /> [a corporation optionaq ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application#�� - J ��P� formally requesting the City to <br /> review plans f a - <br /> located at the roperty addressed: <br /> (the"Subject P operty") Iegally 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 th Owners establish an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREF RE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCRO�:�CX,NDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the wners shall deposit $ ''� with the City. All accrued interest, if any, shall be paid to the <br /> City to reimburs the City for its cost in administering the escrow account. <br /> 2. URPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-po et costs the City has incurred (including planning, engineering, or legal consultant review) or will <br /> incur in meeting with t e wners, r viewin the plans, and preparing agenda packet material for City Council <br /> review of applic tion #�� - ���0� . Eligible expenses shall be consistent with expenses the Owners <br /> would be respo ible for u�der a land use application. <br /> 3. ONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to th Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. ISBURS�MENT FROM ESCROW ACCOUNT. In the event that the Owners do not make <br /> payment to the ity withir�, the timeframe outlined in #3 above, shall cease all reviews until the Owners pay all <br /> expenses invoic d pursuant to #3. The City may draw from the escrow account without further approval of the <br /> Owners to reimb' rse the C�ty for eligible expenses the City has incurred. <br /> 5. LOSING�ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when all equirem�nts related to the project are complete. City Staff shall review the terms of this escrow <br /> agreement two t es per ear to determine whether the requirements of the project have been successfully <br /> completed and ether it i� appropriate to return the funds. Owner may also request the release of the funds, <br /> and such funds s all be rel�ased upon City Staff receiving the appropriate verification that all requirements of the <br /> project have bee successflully completed. <br /> 6. G RTIFY NPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the Ci y exceed�the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property rsuant tc� Minn. Stat. §§415.01 and 366.012. <br /> CITY: CITY OF ONQ �' OWNERS: <br /> B : By: Jo� R�cssle�-- <br /> �ts: �ts: <br /> , <br /> .� � : �. : _ . <br /> Packet Last Updated: anuary 2015 <br /> Page 10 <br />