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ZONING&LAND ALTERATION PERMIT ESCROW AGREEMENT <br /> Permit# "M" 4- 2s011 —00;3+2— <br /> AGREEMENT <br /> -©b3+2ZAGREEMENT made this dayof 6,M , 20,1&, and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City° and ("Owners'). <br /> Recitals <br /> 1. A land alteration permit application has been filed for a zoning permit for a property located at <br /> 4725 North Shore Drive,the("Subject Property"), legally described as Attached as Exhibit A. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the City 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 /> Ate' Agreement,the Owners shall deposit$2000.00 with the City. All accrued interest, if any, shall be paid to the City <br /> 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 reviewing the plan as well as guarantee the successful establishment of slope restoration vegetation. <br /> Eligible expenses shall be consistent with expenses the Owners would be responsible for under a zoning permit <br /> application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has <br /> incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and <br /> the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate <br /> any hazardous conditions associated with the work and to repair any damage to public property or infrastructure <br /> that is caused by the work (including planning, engineering, or legal consultant review) associated with permit <br /> #*e.0-3440 4- if compliance with the approved permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum <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 payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> 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, the plantings have been deemed acceptable and written <br /> notification is received from the Owners requesting the funds. <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: CITY OF ORONO OWN <br /> By: <br /> Its: <br />