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Board discusses whether to lift local escalation cap after staff cites 15% statutory limit
Summary
Planning staff said state statute allows up to 15% per year for bond escalation but local subdivision regulations currently cap escalation at 10%; the board discussed whether to schedule a public hearing to amend the regulations if they decide to raise the local cap.
Staff briefed the board on guarantee/escrow escalation language. "Escalations are limited by statute, so they cannot exceed 15% per year," staff said, and noted that the town’s current subdivision regulations cap escalations at 10% per year. The board discussed whether the local regulation should be updated to permit a higher escalation allowance in line with the statutory ceiling or whether the current 10% local cap should remain.
Members agreed this is a regulatory change that would require a public hearing before an amendment, and staff said they would review the subdivision regulations to determine if contingency amounts are currently referenced and whether a public hearing would be necessary to raise the cap.
