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LAND USE APPLICATION ESCROW AGREEMENT <br /> Application#10-3458 <br /> AGREEMENT made this i 501 day of April, 2010, by and between the CITY OF ORONO, a Minnesota <br /> municipal corporation ("City")and Judson Dayton ("Owner"). <br /> Recitals <br /> 1. Owner has filed Zoning Application#10-3458 formally requesting the City to review plans for a preliminary <br /> plat located at 825 Old Crystal Bay Road(the"Subject Property")and legally described within"Exhibit A'attached <br /> hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including engineering, <br /> legal and planning staff review. <br /> 3. The City is willing to commence its review of the application and incur costs associated with said <br /> review 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 /> Agreement,the Owner shall deposit$10,000.00 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 meeting with the Owner, reviewing the plans, and preparing agenda packet material for City Council <br /> review of application#10-3458. Eligible expenses shall be consistent with expenses the Owner would be <br /> responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILUNG. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City shall cease all reviews until the Owner <br /> pays all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval <br /> of the Owner to reimburse the City for eligibleexpenses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owner when the review has been completed. <br /> 6. CERTIFY UNPAID CHARGES. If the eligible expenses incurred by the City exceed the amount <br /> in escrow,the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. <br /> §§415.01 and 366.012. <br /> CITY OF ONO OWNER: <br /> By: # , <br /> Its: ri�., e.c_04— Ju• • Dayton <br /> Internal Use°NW 13 Original to Finance,Depart Ment, . ` ;[Copy to Zoning File 4 Copy to Street File <br />