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- Escrow Procedures
The Department of Planning calculates and collects escrow for certain improvements associated with the subdivision process at the Record Plat stage for new developments. These may include, but are not limited to the following five categories:
- Category 1: Street improvements, which include installation of streets, sidewalks, light standards, signage, and street trees
- Category 2: Storm water improvements, such as storm sewer, detention / retention basins, and common ground improvements
- Category 3: Grading, on a per lot basis, and erosion and silt control measures throughout construction
- Category 4: Landscaping improvements at the entry, cul-de-sacs, and buffer yards for screening purposes
- Category 5: Miscellaneous improvements, such as retaining walls, fencing, and multiple-use trails that may be a function of subdivision approval
Once the developer has established a deposit agreement and letters of credit in association with the record plat review process, the new development is presented to City Council for consideration. Upon its approval, the developer may begin subdivision improvements and, once installation is completed, the line item(s) are then eligible for inspection, as outlined in the site-specific deposit agreement and, subsequently, escrow releases can be processed to reduce the letters of credit.
The site-specific deposit agreement requires the developer submit such escrow release requests in writing by completing and submitting the Escrow Inspection Release Request Form (PDF) for inspection of the subdivision improvement(s).