(A) When the complexity or size of a project, subdivision, rezoning, conditional use permit, or plat, necessitates the outside review or involvement of consultants to the city, cash escrow may be required.
(B) An escrow agreement will be prepared stating the amount required to be deposited, the manner in which funds will be disbursed, the manner in which exhausted funds will be replenished and the manner in which unexpended funds will be refunded. The initial deposit of funds shall be based on the type or magnitude of the project as follows:
(1) Privately installed municipal improvements. The cash escrow shall represent 17% of the City Engineer’s estimate of project cost.
(2) Privately installed or privately owned improvements. The cash escrow shall represent 6¾% of the City Engineer’s estimate of project cost.
(3) Legal work. The cash escrow shall represent at least the equivalent of three hours of legal work, at the then current hourly rate charged by the city’s attorneys.
(‘81 Code, § 1-24) (Ord. 475, passed 3-8-90; Am. Ord. 534, passed 2-13-92)