2004-08-09 EW Escrow AgreementEAW ESCROW AGREEMENT
WHEREAS, Minnesota Development Agency ("Developer") has requested that
the City of Albertville ("City") prepare, publish and process an Environmental
Assessment Worksheet ("EAW") for the proposed development of The Cove's of
Hunters Lake in the City of Albertville; and
WHEREAS, The City requires that the Developer post a cash escrow to pay for
the City's costs of processing the Developer's proposed plat and EAW, and permit the
City to draw upon said escrow to pay for said processing expenses;
NOW, THEREFORE, the City and Developer agree as follows:
The Developer agrees to pay all costs incurred by the City in processing the
EAW, including all legal, planning, engineering, publication and other costs
resulting from the EAW processing, the preparation of this agreement, and the
enforcement of this agreement. The Developer shall also pay all costs incurred by
the City in addressing and processing Developer's concept plan and preliminary
plat (if any) for The Cove of Hunters Lake.
2. Prior to the City publishing notice of the EAW as required by law, the Developer
shall post a cash escrow with the City in the amount of $2,000. The City shall be
permitted to draw on the cash escrow to pay all such EAW and development -
related expenses described in paragraph 1 above.
3. In the event the escrow is insufficient to cover such costs, the Developer shall
reimburse the City for all unreimbursed costs incurred within 30 days of billing of
such costs to the Developer by the City.
4. This Agreement shall not obligate the City to approve the EAW or otherwise
restrict conditions that the City may impose as part of the EAW process, nor shall
it obligate the City to approve Developer's concept plan or preliminary plat.
Dated: August 9, 2004
MINNESOTA DEVELOPMENT AGENCY CITY OF ALBERTVILLE
6 W2"
By: Matt Froelich Larry R. se, City Administrator
I �
Bridget Milkr, Clerk