HomeMy WebLinkAboutEscrow Agreement #10-3472/#10-3480 LAND USE APPLICATION ESCROW AGREEMENT
Applications#10-3472 and#10-3480
AGREEMENT made this 1 day of Jlil ll , 2010 by and between the CITY OF
ORONO, a Minnesota municipal corporation ("City") and Welsh Orono Senior Housing, LLC [a corporation]
("Owners").
Recitals
1. Owners have filed Zoning Applications #10-3472 and 10-3480 formally requesting the City to
review plans for Ecumen Senior Living located at 875 Wayzata Boulevard West the "Subject Property") as more
fully shown and described on Exhibit"A" attached hereto.
2. Owners request the City to review said plans which requires City approval including rezoning to
RPUD, RPUD Concept and Master Development Plan approval and RPUD CUP.
3. The City is willing to commence its review of the application and incur costs associated with said
review only if the Owners establish an escrow to ensure reimbursement to the City of its costs.
NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS:
1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow
Agreement, the Owners shall deposit $20,000.00 with the City. All accrued interest, if any, shall be paid to the
City to reimburse the City for its cost in administering the escrow account.
2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City
for all out-of-pocket costs the City has incurred (including planning, engineering, or legal consultant review) or will
incur in meeting with the Owners, reviewing the plans, and preparing agenda packet material for City Council
review of applications #10-3472 and 10-3480. Eligible expenses shall be consistent with expenses the Owners
would be responsible for under a zoning and subdivision application.
3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn
send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'
receipt of bill.
4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make
payment to the City within the timeframe outlined in #3 above, shall cease all reviews until the Owners pay all
expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the
Owners to reimburse the City for eligible expenses the City has incurred.
5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the
Owners when the review has been completed.
6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses
incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the
subject property pursuant to Minn. Stat. §§415.01 and 366.012.
CITY: ITY OF ORONO OWNERS:
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