In addition to the filing fee established pursuant to this chapter, all applications for development shall be accompanied by a deposit of adequate funds to cover the cost of professional services in connection with the review of the application, including but not limited to shorthand reporting and transcripts, review, inspection and reports of the City Engineer, professional planner, City Attorney, Board Attorney and any other professionals whose services are deemed necessary with respect to processing the application by the approving authority.

All moneys required under this section shall be deposited by the secretary of the Approving Authority in the City's escrow account, and the City Treasurer shall set up a ledger page in the name of the applicant. All disbursements to professional consultants or experts required to process the application shall be charged against the applicant's escrow account.

The amount of the initial deposit to the escrow account, to be remitted at the time of the filing of the application, shall be as provided in subsection 31-44.2.

Any of the aforesaid deposit remaining in the escrow account upon completion of the application procedure shall be returned to the applicant.

In the event that the funds in the escrow account should become depleted prior to the completion of the application procedure and additional funds are needed to cover the cost of processing the application, the applicant shall deposit sufficient additional funds. In order to expedite the processing of applications by the Approving Authority, the Secretary to the Approving Authority shall notify the applicant immediately upon the depletion of funds in the escrow account or as soon as an insufficiency of funds becomes evident or is expected.

The Approving Authority shall not process or take action on the application unless all fees and deposits required in the manner described above shall have been paid by the applicant.

All bills submitted to the approving authority by the stenographer, planning consultant, City Attorney, Board Attorney or other professionals containing charges to be applied against an applicant's escrow account established pursuant to this section shall specify the services performed in relation to individually identified applications for which the charges have been incurred.

Unit charges, i.e., per diem or hourly fees, inspection or expert testimony charges, levied by the stenographer, planning consultant, City Attorney, Board Attorney or other professionals for services rendered in connection with an application may not exceed those unit charges contracted for and approved by the City agency for services by professionals.

A monthly accounting of all funds to be withdrawn by the City from the escrow account shall be submitted by the Secretary to the Approving Authority to the applicant at least ten (10) days prior to the withdrawal of the funds. Within the ten (10) days, the applicant shall have the opportunity to request, in writing, a hearing by the Approving Authority with respect to the reasonableness of the intended charges against the escrow account. In the event that the applicant requests such a hearing, no withdrawal shall be made from the escrow account until the Approving Authority shall have ruled on the appeal. If the Approving Authority finds in favor of the applicant, the withdrawals shall be adjusted accordingly. If no obligation is filed within ten (10) days, the funds shall be withdrawn from the escrow account and transferred to the City general funds.