Notwithstanding any inconsistent provision of any local code, rule, regulation, law or ordinance, any Town board or commission (reviewing board) where a permit or approval is required by local law, rule, regulation or ordinance shall, before permitting use of or construction on, under or adjacent to real property, require the applicant to deposit funds with the Town sufficient to reimburse the Town for all reasonable costs of planning, engineering, legal, architectural, accounting and/or other consultants deemed appropriate by each reviewing board utilized in connection with the review of any application. At the time of the first hearing or appearance on the application, the reviewing board shall fix the amount of the initial deposit (escrow) to be made by the applicant. The Town's consultants shall invoice the Town no less frequently than monthly for services in reviewing each application and performing their duties with respect to such application. If at any time during the review process the amount of the escrow account falls below 50% of the initial escrow (as determined by the reviewing board), then the applicant shall be required to submit an additional deposit to bring the total escrow up to the full amount of the initial deposit (as determined by the reviewing board) unless the reviewing board otherwise waives such requirement.