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4 . <br /> LAND USE APPLICATION ESCROW AGREEMENT <br /> Application# /S - 379 <br /> AGREEMENT made this al day of oaDBra-- , 20j., by and between the CITY OF <br /> ORONO,a Minnesota municipal corporation('City`)and <br /> (a corporation-optionalI("Owners"). Recitals <br /> 1. Owners have filed Zoning Application# /J - 3796- form* requesting the City to <br /> review plans fora MEN OVt0004- POOL. UV IN b • 7 • NI P41-U• <br /> located at the property addressed: 1.0A;) nt-1/ CI '4 TAIL 3 ' j' ► /D-OD r�►4 I <br /> (the-Subject Property")legally described as S¢ Th-04M S cn1Q1- Lam - <br /> t <br /> 2. Owners request the City to review said plans which requires City approval and may require <br /> consulting legal and/or engineering 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 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$2.5 AO with the City. All accrued interest,if any,shah 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# /S - 3796" . Eligible expenses shall be consistent with expenses the Owners <br /> would be responsible for under a land use 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 aft 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 all requirements related to the project are complete. City Staff shall review the terms of this escrow <br /> agreement two times per year to determine whether the requirements of the project have been successfully <br /> completed and whether it is appropriate to return the funds. Owner may also request the release of the funds, <br /> and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the <br /> project have been successfully 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: C OFORONO <br /> OWNS : �/ ri <br /> By: <br /> �4111�-) I e!! By: <br /> Yin I • Its: Pi - <br /> Internal Use Only: O Original to Finance Department G Copy to Zoning Re O Copy to Street FUe <br /> Packet Last Updated:August 2015 <br /> Page 10 <br />