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. . , , <br /> APPL)CATION ESCROW AGREEMENT <br /> Zoning Application���, - 35lp.3- <br /> AGREEMENT made this��"Z�ay of -JUI�J�E' , 20�� by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation (`City")and �a,i I TY�l YLOY <br /> [a corporation-optionalJ ("Owne�'). <br /> Recitals <br /> 1. Owner has fil Zon'�plication#�v�, - fo ly reques' the City <br /> review plans for <br /> located at <br /> the"Subject Property")as more futly shown and described on Exhibit"A°attached hereto. <br /> 2. Owner requests the City to review said plans which requires City approval including <br /> � 3. The Ci#y is wiiling to commence its review of the application and incur costs associated with said <br /> review only if the Owner establishes an escrrnv to ensur�e reimbursement to the City of its costs. <br /> NOW THEREFORE,THE PARTtES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Cvn#emporar�ously with the execution of this Escrow <br /> Agreement, the Owner shall deposit$_� � with the City. Aii accrued interest, if any, shal! be paid to fhe <br /> City to reimburse the City for its cost in administering tt►e escrow account. <br /> 2. PURPOSE OF fSCRQW. The purpose of the escrow is to guarantee neimbursement to the City <br /> for all out-of-pocket costs tfie City has incurreci(including planning, engineering, or legal c�nsuitant review)or will <br /> incur in meeting with the er, rev+ewin the pfans, and preparing agenda packet materiat for City Council <br /> review of application# l - �. Eligible expenses shall be consistent with expenses the Owner <br /> would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City rer.eives consul#ant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for paymerrt to the City within 30 days of the Owners receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUMT. In the event that the Owner does not make <br /> payment to the City within the timeframe outlined in#3 above, the City may draw from the escrow acxou�t without <br /> further approval of the Owner to reimburse the City for efigible expenses the City has incurred. The City shall <br /> notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the <br /> Escrow amount fatls beiaw 75% of the original escrow amount the Ov►mer shall deposit additionat sums as <br /> directed by the City, or the City shall discontinue all review. <br /> 5. CLOSINQ ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the <br /> Owner when the review has been completed. <br /> 6. CERTfFY UNPWD CHARGES. I#the project is abandoned by Owner, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow,the City shaA have the right to certify the unpaid balance to the <br /> subject property pursuan#to Minn. Stat. §§415.01 and 366.012. <br /> � <br /> CITY OF O OW R t <br /> BY� ` .. $ <br /> Its: ' Its: <br /> Varianc:eApplication Updated: January 31,2012 <br /> - 11 - <br />