HomeMy WebLinkAboutEscrow application LAND USE APPLICATION ESCROW AGREEMENT
Application #�� - `'3�`—"J
AGREEMENT made this l� day of v��►F U GUl , 20 �� by and between the CITY OF
ORONO, a Minnesota municipal corporation ("City") and �'(��vG� � l��l,W�jGr/1.�( ,S'��j1so�1i1
[a corporation—optionalj ("Owner").
Recitals
1. Owner has filed Zonin Application # �U - �j �� formally requesting the City to
review plans for � �
located at 1 tit
the"Subject Property") as more ful�y shown and described on Exhibit"A" attached hereto. _
2. Owner requests the City to rev ew said plans which requires City approval including ������
-� �'l(A�-G�,�U1tiP�V � �i l,(� � (��G ��'bGc.-G�
3. The City is willing to commence its review of the application and incur costs associated with said
review only if the Owner 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 Owner shail deposit $ "?�'� �`= 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 (induding planning, engineering, or legal consultant review) or wilf
incur in meeting with the Owner, revi win the plans, and preparing agenda packet material for City Counci!
review of application #�� - _��. Eligible expenses shall be consistent with expenses the Owner
would be responsible for under a zoning and subdivision application.
3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City wiil in turn
send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt
of bill.
4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner 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 Owner to reimburse the City for eligible expenses the City has incurred. The City shall
notify the Owner of such draw and the nature of the expense for which thte reimbursement is being made. If th2
Fc�rn�ni amr�iint f?Ilg hcln;n� ?Fo/ �f thc ��;�inal ocrr��ni ?m��int tro (l.ninor �h��l rlcrngrt a,Cir�jl}lC!lc''.� 8!!:'''''� �.",
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
Owner when the review has been completed.
6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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.
CI : C TY F NO OWNER: �.u�.,�
By: By: ��
Its: ?� ��C���"���ts: C�W N C�.v'.r
i5 zo�o
� � �.�
Internal Use Only: O Original to Finance Departrr,���c�C�ppy,to Zoning File o S et �I
�,:� UPaU