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Escrow Policies
Development Escrow Policies
The Village of Elburn uses outside consultants for planning, engineering, legal, and other services. The cost of those services shall be reimbursed by the responsible developer.

To get started, download and complete the Development Escrow Application. After the developer establishes an escrow account with the Finance Department, the village administrator may authorize the consultants to work on the subject project. The Finance Department forwards bills to the developer monthly to replenish the required escrow balance. If at any time there is a question on any of the bills, the developer has 60 days from the receipt of the monthly bill to bring it to the village's attention.

Escrow Deposit
The required escrow deposit is not a ceiling to the cost of the project, and does not include other fees that may apply. Failure to maintain the required escrow balance will result in a doubling of the required escrow balance.

At the close of the project, the developer submits a written request to receive any remaining balances. No interest is paid to the developer on the required deposit or payments.