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application for a certificate of occupancy for any structures buih on a <br />1o! which benefil by the improvements, the owner of the lot shall pay <br />to the City Finance Department the principal balance of such <br />assessmenl remaining unpaid, together with accrued interest thereon. <br />The escrow required in Paragraphs c. and d. above shall not be <br />released even though the original subdivider or owner may have <br />conveyed the subjec! property. The escrow amount may be reduced <br />on a quarterly basis to an amount ex]ual to the then outstanding balance <br />of special assessments. <br /> <br />Inst~llation of Stage II Improvements. Stage II improvements <br />as described in §9.$0.50 Subd. 3c shall be constructed and installed in <br />conformance with City Standards and per the schedule established by <br />the Performance Contract required by §9.50.50 Subd. 7. <br /> <br />St,~e II Improvements Escrow, A cash escrow or letter of <br />oredi~ equal to 125% of the City Engineers estimated cost of ~he Stage <br />Il improvements shall be deposited with the City Finance Department. <br />This escrow shall be released only upon final approval and acceptance <br />by the City of said improvements. <br /> <br />FHA and VA upproval. The City will not participate in the <br />payment of improvement costs as described in this Section unless and <br />until the City has on file a certificate indicating that the proposed <br />developm~m has both FHA and VA approval. <br /> <br />Requirements Waived. The City Council, in it's discretion, may <br />waive the foregoing requirements of this section if all of the following <br />conditions are met: <br /> <br />The owner or subdivider must reside on the property being <br />developed and such property.must have been classified for tax <br />purposes as the owner or subdivider's homestead. <br /> <br />The division of the property must include the entire property, <br />meet the requirements of the Zoning Code for division of <br />properly and such division must be achieved bv an approved and <br />recordable plat. <br /> <br />The individual parcels resulting from such a plat shall be for <br />single famih, residential use only and each such parcel shall be <br />of such size. configuration and topographical quality as to be <br />capable of accommodating a single family residential structure. <br /> <br />The indh, idual parcels resulting from such a plat shall be no <br />more than five in number, including any parcel retained by the <br />owner or subdMder as his homestead. <br /> <br />The requirements of this section relating to the platting of land <br />shall be applicable to any such division of lands and properties. <br /> <br />Lands and properties abutting land and property being so <br />divided shall themselves have previously been platted and <br />divided, it being the intent of the Council not to waive the <br />requirements of this section with respect to land. <br /> <br />/24 <br /> <br /> <br />