HomeMy WebLinkAboutResolution 959RESOLUTION ## 959
• A RESOLUTION TO AUTHORIZE AND ESTABLISH THE
DEVELOPERS ESCROW FUND
WHEREAS, the City of Orono incurs extraordinary costs,
such as legal, engineering, administrative, and such other costs
as may be necessary, in the subdivision or development of property
by land developers, and
WHEREAS,these costs are to be charged to the land develop-
ers as per Orono City Ordinance 32.652, and
WHEREAS, certain monies are to be collected and escrowed
for the payment of these extraordinary costs,
NOW, THEREFORE, BE IT RESOLVED that the Orono City Council
hereby authorizes and establishes the Developers Escrow Fund for
the purpose of receiving all monies collected from the developers
for payment of the extraordinary costs, and that the payments of the
extraordinary costs are to be disbursed from this fund.
• BE IT FURTHER RESOLVED that upon completion of each sub-
division or development and after payment of all extrordinary costs
incurred for each particular subdivision or development any monies
remaining shall be refunded to the developer;
or in the alternative, any costs not covered by the amount escrowed
will be charged to the developer as per Orono City Ordinance 32.652.
Adopted by the City Council of the City of Orono, Minnesota
at a regular meeting held November 14, 1978.
4'd'A""
William B. Van Nest, Mayor
Attest:
Walter R. Benson, Clerk- Admini trator
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