What is an escrow account?

An escrow account is an account funded by the applicant which is used to pay for the time the Town Engineer, Town Attorney, or other professional spends reviewing the application. Prior to the Board meeting, the applicant will be requested to fund the account at an amount estimated by the Town Planner. Upon approval, any funds left over in the account will be returned to the applicant. If additional funds are needed, the applicant will be requested to add money to the account. The intent of the account is to shift the cost of development review from the taxpayer to the applicant. Typically, applicants who incur the cost of preparing quality plans for submission to the Board later benefit from lower escrow account costs.