(A) In case future improvements to the county highway may be necessary as the result of construction of an access-related improvement, the County Engineer may require that funds for said future improvements be deposited with the Will County Treasurer in escrow to pay such costs. The permittee shall be responsible for all costs of a future improvement to a county highway as a result of an issued access permit. The parties shall proceed as described in § 56.068(C).
(B) The amount to be in the escrow shall be equal to the current estimated cost of the improvement plus 30% of the cost for the county to administer the improvement. A cashier's check, bank draft, certified check, or bank money order in the amount equal to 130% of the current estimate of costs of the improvement shall be made payable to the Will County Treasurer and shall be submitted to the County Engineer for deposit in an escrow account to be used only for the improvement specified. A certificate of deposit shall not be acceptable.
(C) If, within a period of six years from the date of the issuance of an access permit, the funds deposited in the escrow account, as well as any interest income earned during that time, have not been used to pay for the specified improvement, the funds in the escrow account, plus any interest income earned, shall be returned to the permittee and any further obligation of the permittee for the specified improvement shall be terminated.
(D) he period of time, as specified herein, may be extended upon the written approval of the County Engineer and the owner.
COMMENTARY:
An example of a future improvement requiring escrow funding could be a staged or phased development over a period of several years. The traffic impact study may show that a traffic signal is not currently warranted but would be warranted as subsequent development stages or phases are completed.
(Ord. 20-231, passed 7-16-2020)