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� � '� <br /> LAND USE APPLIC T ON ESCROW GREEMENT <br /> � Application#�-_�,Q�1 <br /> AGREEMENT made this�_day of�����(.� 20�, by and be een the ITY�OF <br /> ORONO, a Minnesota municiral corroration ("City") and ✓ � f.� � �' �G�i ,, <br /> [a corporation—optionalJ ("Owners"). <br /> Recitals <br /> 1. Owners h�av�i��o 'ng Application# �� - �formally requesting the City to <br /> review plans for a <br /> located at the property addressed: <br /> (the"Subject Property") legally described as • <br /> -('l�2��� - - - �.,12 �_ 1� n P�►v� -�A��Lj <br /> ✓ <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 ESCRO FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$���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 th Uwners,�vi w� the plans, and preparing agenda packet material for City Council <br /> review of application #� - _f7�Q�. 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 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: CITY OF ORONO OWNERS: <br /> B���i��10" � �` By:��iL_ ��� <br /> Its: �l Y, i�� Its: <br /> �emal�se�rti�t: �kDr�ginaY�o��inattce��r.�ei�f ��,�c�p,�t�����ie' `�' � ,�` �'���F�le <br /> Packet Lasf Updated: January 2014 <br /> Page 10 of 27 <br />