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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# 12. — <br /> rj <br /> AGREEMENT made this .5 day of ��\ <br /> oue.4 .e_i 20 \Z. , by, and etween the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and c7 Cc7,r�e�jS -rc5\e,rcieS <br /> [a corporation —optional] ("Owner"). <br /> Recitals <br /> 1. Owners have filed Zoningpplication #�2`-5581formally requesting the City to <br /> review plans for Ccndr fates, S� (er �� f ,s 4 deiYJalrfcoy,(e1G/r��f e zG zo,_ <br /> located at 4SQ IJoy��• 3\ CY�s � �3� 0 <br /> the"Subject Property") as more fully shown and described oh Exhibit"A"attached hereto. <br /> 2. !_Owners r quest the City to review said plans which requires City approval including apt Ore L. <br /> U24-1er%or ade giekcr,i .S,• <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 ESCROW FUN9S. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$ ?OO % 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 the Owners, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application # (Z--27 S?'1 . Eligible expenses shall be consistent with expenses the <br /> Owners would be responsible for under a zoning and subdivision 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 /> incur by,t City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subj ct prope-y pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: C C F ORO a OWNERS: <br /> By: By:t / <br /> Its: ._ • • Its: <br /> Internal Use Only: D Original to Finance Department D Copy to Zoning File D Copy to Street File <br /> CUP&Other Land Use Applications <br /> Updated: January 31,2012 <br /> - 11 - <br />