What is the Policy & Procedure of the Planning Board re: Escrow Accounts?


At the time of submission of any application before the Planning Board, the Planning Board may require the establishment of an escrow account from which withdrawals shall be made to reimburse the village for the cost of professional review services. The applicant shall then provide funds to the village for deposit into such account in the amount to be determined by the Planning Board based on its evaluation of the nature and complexity of the application. The applicant shall be provided with copies of any village voucher for such services as they are submitted to the village. When the balance in such escrow account is reduced to ½ of its initial amount, the applicant shall deposit additional funds into such account to bring its balance up to the amount of the initial deposit. If such account is not replenished within 30 days after the applicant is notified, in writing, of the requirement for such additional deposit, the Planning Board may suspend its review of the application. A building permit or certificate of occupancy shall not be issued unless all professional fees charged in connection with the applicant’s project have been reimbursed to the village. After all pertinent charges have been paid, the village shall refund to the applicant any funds remaining on deposit.