HomeMy WebLinkAboutEscrow agreement/2008 ,
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APPLICATION ESCROW AGREEMENT
Zoning Application#08- ��(a
AGREEMENT made this��day of , 2008, by and betwe n the CITY OF ORONO, a
Minnesota municipal corporation (°City") and L1 f-,���N,,�;� �,����� /l_
[a corporation—optionalJ ("ApplicanY').
Recitals
1. Applicant has filed Zo�ing Application#08- ��b formally requesting the City to review
plans for 'f�f�Y t�'+'VIC.�� t�: tD�1�C� � hCx3S�
located at �{�,Z� O i- , �
the"Subject Property") as more fully shown and described on Exhibit"A"attached hereto.
2. Applicant requests the City to review said plans which requires City approval including �/f-�V if�MC�,S
3. The City is willing to commence its review of the application and incur costs associated with said
review only if the Applicant establishes 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 Applicant shall deposit $ �U� 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 Applicant, reviewing the plans, and preparing agenda packet material for City Council
review of appiication#08- �i''"�� . Eligible expenses shall be consistent with expenses the Applicant would
be responsible for under a zoning and subdivision application.
3. MONTHLY BILLING. As the City receives consultant bilis for incurred costs, the City will in turn
send a bill to the Applicant. Applicant shall be responsibie for payment to the City within 30 days of the
ApplicanYs receipt of bill.
4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant does not make
payment to the City within the timeframe outlined in#3 above, the City may draw from the escrow account without
further approval of the Applicant to reimburse the City for eligible expenses the City has incurred. The City shall
notify the Applicant of such draw and the nature of the expense for which the reimbursement is being made. If
the Escrow amount falls below 75% of the original escrow amount the Applicant shall deposit additional sums as
directed by the City, or the City shall discontinue all review.
5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the
Applicant when the review has been completed.
6. CERTIFY UNPAID CHARGES. If the project is abandoned by Applicant, 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: Y OF ORONO APPLICANT/OWNER:
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By: � � t-/ By:`/'"�.�.�,' �ii�1,�'u-d�G,�.
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STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of , 2008, by
, the of the City of Orono, a Minnesota municipal
corporation, on behalf of the corporation and pursuant to the authority granted by its City Council.
Notary Public
STATE OF MINNESOTA )
)ss.
COUNTY OFHENNEPIN )
The foregoing instrument was acknowledged before me this day of , 2008, by
,the husband of ,the Applicant.
Notary Public
STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPIN )
T e foregoin instrument was acknowledged before me this �'""' da of , 2008, by
�_ _ f�..1� �rl� k..0�UQ�� ,the wife of�11�i� Cl ,the A._plicant.
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STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPIN )
This instrument was acknowledged before me this day of , 2008 by
[name of o�cer],the
[title of officer], of [entity's name],a
[entity's designation, e.g. a Minnesota corporation], on behalf of
the [entity's designation].
Notary Public
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EXHIBIT"A"
LEGAL DESCRIPTION
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