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4 <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# ( ( - 3513 <br /> AGREEMENT made this i day of , Irl V L , 20 11 by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and j2.11A-N) (LTA PPtAef,S S in1C <br /> [a corporation— optional] ("Owners"). <br /> Recitals <br /> 1. Owners have filed Zoning Application # - formally requesting the City to <br /> review plans for 1 c+ Itrw.. rec.rra.n e.rr,e-nt For ►.utS i cs.rN d Z Cr•l S-Ic,I 13o.1 gv5;ness C -ie-r <br /> located at 4c0 03 .S5o I 0,1 lzOp.d Nor - <br /> the "Subject Property") as more fully shown and described on Exhibit"A" attached hereto. <br /> 2. Owners request the City to review said plans which requires City approval including <br /> Ire mar, c.r.� P10.1- and r1 a. I Pfctt <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 FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit $ '1,SO 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, r ie i the plans, and preparing agenda packet material for City Council <br /> review of application # I ( - I . Eligible expenses shall be consistent with expenses the Owners <br /> 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 /> 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: TY OF ORO O OWNS cL ` <br /> By: I , By: <br /> Its: in U.__ By: <br /> Its: V <br /> Internal Use Only: a Original to Finance Department to Copy=to Zoning File O.Copy-to Street File <br /> 4 r <br />