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Council and developer agree interim escrow while town pursues letter‑of‑credit code change
Summary
Hinckley and developer Apex agreed that Apex will initially place funds in escrow for subdivision infrastructure while the town pursues a 2–3 month code amendment to allow irrevocable letters of credit; council conditioned allowing the developer’s engineer to inspect work on a signed limited-scope engagement.
The Hinckley Town Council and representatives of developer Apex discussed options for financial assurances for public infrastructure on July 2, 2026. Council Member Ron Black and Town Attorney Todd Anderson said amending Hinckley Town Code 11.19.21 to permit Irrevocable Letters of Credit would take two to three months. Apex agreed to place funds initially into an escrow account while the town initiates an ordinance change to allow letters of credit.
Apex requested that its design firm, Platt and Platt Engineering, perform subdivision infrastructure inspections for the project rather than the town hiring a third-party engineering firm. The council conditionally approved the arrangement only if Platt and Platt signs a limited‑scope engagement accepting dual fiduciary responsibility as the acting town engineer for the project and placing their professional license on the line.
Council Member Ron Black also noted that Apex’s permit‑ready letter contained items not conforming to town standards that must be resolved before final approvals. Legal counsel for Apex attended remotely and indicated the developer favored the escrow‑first approach while the ordinance is drafted.
Town Attorney Todd Anderson and council members said they will begin the ordinance drafting process; council did not take a formal vote to change the code at the July 2 meeting.
