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` , .v <br /> APPLICATION ESCR01f�AGREENIENT <br /> Zoning Appiication#,�l - 35ZFC <br /> AGREEMEIdT made this�_day of 20 1� , by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation (°City°) �d <br /> -r�rr�nth� f— �taniei � r.�e.hte►r <br /> [a corpoc�ation—optionalj("ApPlicant�. <br /> Recitals <br /> 1. Applicant has filed Zoning Application# I� - �Z� formally requesting the City to <br /> review plans for Qf�CO�I� <br /> Iocated at �{-2Q5 NO(`Fh bVlS�l�- 3�+�v�- <br /> the"Subject Property°)as more fully showm and described on Exhibit°A"attached hereto. <br /> 2. Applicarrt requests the City to review said pia�s which requires City approvai induding <br /> 3. The City is willing to commence i#s review of the application and incur costs associated with said <br /> review only if the Applicarrt establishes an escrow t�ensure reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLAWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Corrtemporaneously vvith the execution of this Escrow <br /> Agreement, the AppficaM shail deposit $�writh the City. All ac�rued interest, if any, shall be paid to <br /> the City to reimburse the City for its cost in adm'rnistering the escrow account. <br /> Z. PURPOSE�F ESCROWf. The purpose of the escrow is to guarantee reimbursemerrt to the City <br /> for all aut-of-pocket«�sts the City has incurred (including ptanning,engineeriag, or legal consultant review)or will <br /> incur in meeting with the Appficant, reviewing the plans, and prepacing agenda packet material for City Council <br /> review of app[ication#�_ - ,352� Eiigibie expenses shalt be consistent with expenses the <br /> Applicant would be responsibie for under a zoning and subdivision apptication. <br /> 3. �iIONTHLY BILLIMG. As the City recei�es consufNarrt bills for incurred c�sts, the City wiil in turn <br /> send a bill to the Applicant. Appiicant shall be responsible for payment to the City writhin 30 days of the <br /> Applic�nYs receipt of bill. <br /> 4. DISBURSEaflENT FRO�AA ESCRQW�►CCOUNIT'. In the everrt that the Appiicant does not make <br /> payment to the City within the timeframe outlined in#3 above,the City may drawr fram the escrow accourtt writhout <br /> further approvat of the Applicant ta reirr►burse the City for etigible expenses the City has irtcuRed. The City shatl <br /> notifyr the Applicant of such draw and the nature df the expense for which the reimbursemerrt is being made. If <br /> the Escrow amount falls beiow 75°� of the original escrow amourtt the Appiicarrt shafl depasit additional sums as <br /> { directed by the Ctty, o�the City shall discontinue alf revievu. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Applicant vvhen the review has been completed. <br /> 6. CERTIFY UPIPAID CHARGES. ff the project is abartdoned by Applicant, or if the eligible <br /> expenses incurred by the City exceed the amount in escrow, the City shall have the right to certiiy the unpaid <br /> balance to the subject property pursuant to Minn. Stat:§§415.01 and 366.012. <br /> CITY: CT1Y OF OROIdO APPLICANT!OWNER: <br /> By:��l VI�I��1�tl�l.��� By: <br /> �c�: Y�� Y1� i�: <br /> - 10- <br />