Agenda - Council - 08/23/1983 - Laserfiche WebLink

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I I I I I I I I i period of five (5) years, together with interest. At the time of the application for a certificate of occupancy for any structures built on a lot which benefit by the improvements, the ovner of the lot shall pay to the City Finance Department the principal balance of such assessment remaining unpaid, together with accrued interest thereon. The escrow required in Paragraphs 3 and 4 above shall not be released even though the original subdivider or o~ner may have conveyed the subject property. The escrow amount may be reduced on a quarterly basis to an amount equal to the then outstanding balance of special assessments. Installation of Sta~e II Improvements. Stage II improvements as described in Section 170.039B shall be constructed and installed by the developer in conformance with City Standards and per the schedule established by the Ferformance Contract required by Section 170.03gG. Stage I! Improvements Escrow. A cash escrow or letter of credit equa! to one hundred twenty-five percent (125~) of the City Engineer*s estimated cost of the Stage II improvements shall be deposited with the City Finance Department. This escrow shall be released only upon final approval and acceptance by the City of said improvements. The City will not participate in the payment of improvement costs as described in this Section unless and until the City has on file a certificate indicating that the proposed development has both FHA and VA approval. Requirements Waived. The City Council, in its discretion, may waive the foregoing requirements of this section if all of the following conditions are met: The o~ner or subdivider must reside on the property being developed and such property must have been classified for tax purposes as the o~ner or subdividerts homestead. The division of the property must include the entire property, meet the requirements of the Zoning Code for division of property and such division must be achieved by an approved and recordable plat. C$ The individual parcels resulting from such a plat shall be for single family residential use only and each such parcel shall be of such size, configuration and topographical quality as to be capable of accommodating a single family residential structure. The individual parcels resulting from such a plat shall be no more than five (5) in number, including any parcel retained by the o~ner or subdivider as his homestead. e. The requirements of this section relating to the platting of land shall be applicable to any such division of lands and properties. f. Lands and properties abutting land and property being so divided shall themselves have previously been platted and divided, it being -6-