HomeMy WebLinkAboutescrow agreement MAY-06-2009 17:54 From:IHabib Office To: 19522494616 Pa9e:2�z
LAND USE APPL"ICATFON ESCROW A�REEMEN
APPlicatian�09-3418 8 10-3468 '
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AGREEMENT made this 23 day of Aprtl, 2010, by�ant!'betweenthe CITY OF OR NO, s Minnesota municipal
corporation ("City") and �^o c, � _�-.�cs\-�-��1 ro .,�
(a corpo ation—optionaQ ("Owners"),
' 12ecitals
1. Ownera have filed Zoning Applications 09-3418 & 10-3466 forma ly requesting the City to review
plans for site alan aooroval & preliminary plat approval located at 3421 -342 Shoreline Drive (the "Subject
Property") legally described as Tract B, RLS No 1422, Hennepin County, MN,
2. Owners request the City to revlew said plans which requires City approval including legal,
enginearing and staff review.
3. The City is willing to commence its review of the application and I cur costs associated with said
review only If the Owners establish an escrow ta ensure reimbursement to the City of its costs,
NOW THEREFORE,THE PARTIES AGREE AS FQLLOWS:
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1. DEPOSIT OF E3CROW FUNDS, Contemporaneously with he execution of this Esuow
Agreement, the Owners shall deposit $1D,000.00,wi#h the City. Alf acCrued Inte st, if any, shall be paid to the
City to reimburse the Clty for Its cost in administering th'e escrow account.
2. PURPOSE OF ESCROW, The purpose of the escrow is to guar tee reimbursement to the City
for all out-of-pocket costs the City hes incurred (including planning, engineering, o legal consultant review) or will
incur in meeting with the Owners, �eviewing the plans, and preparing egend� p cket material for City Council
review of appllcatlons 09-341 S 8 10-3468. Eligible expenses shall be con&ist nt with expenses the Owners
would be responsible for under a zoning and subdivision application.
3. MONTHLY BILUNG. As the City reCelVes consultant bills for inc rred costs, the City will In turn
send a bill to the Owners, Ovmers sheq be responsible for psyment to the City withln 30 days of the Owners'
receipt of bilL
4. DISBURSEMENT FROM E8CROW ACCOUNT. In the event hat the Owners do not make
payment to the City within the timeframe outlined in #3 above, sh�all cease all r views until the Owners pay all
expenses invofced pursuant to #3, The City may draw from the escrow account without further approval of the
Owners to refmburse the City for eligible expenses the City has incurred.
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5. CLOSING ESCROW. The $alance on deposit in'the escrow, i eny, shall be retumed to the
Owners when the review hes been campleted: ,, ,
6. CERTIFY UNPAID CHARGES. I[the project is abandoned by O erg, or if the eligible expenses
Incurred by the City exceed the amount in escrow, the City shall have tNe�right to ertify the unpaid balance to the
subject property pursuant to Minn. Stat. §§41.6,01 and 3B6.012.
CITY: CITY OF ORONO OWNERS:
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