Agenda - Council - 03/28/1983 - Special

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I I I I I I ! I I I I I ! I .I I I I e - 19 - The letter of credit or bond as required in Paragraph 2 above shall be effective as against the owner or subdivider whether or not all or a portion of the land within the subdivision is conveyed and can be reduced on an annual basis during the term of the assessment. Alternative Assessment Procedure. The owner or subdivider may elect to have the City assess the total cost of the improvements against the lots in the subdivision over a period of five (5) years together with interest thereon. In such event, the owner or subdivider shall deposit with the City an irrevocable letter of credit issued by a banking institution in the amount of 150% of the estimated cost guaranteeing to the City that the owner or subdivider will pay principal and interest on the assessments for the entire %ength of assessment. At the time of the application for a certificate of occupancy or at the time of transfer of title with respect to any of the lots in the subdivision, the applicant or seller shall pay to the City Finance Department the principal balance of such assessment remaining unpaid together with accrued interest thereon. The letter of credit shall be effective as against the owner or subdivider whether or not all or a portion of the land within the subdivision is conveyed and can be reduced on an annual basis during the term of the assessment.. If at any time during the construction the City Engineer determines the amount of the letter of credit is inadequate, the City shall demand an increase in the letter of ~redit. In addition to the above, the owner or subdivider shall make a cash deposit to cover the cost of the feasibility study as determined by the City. Prior to ordering plans, the owner or subdivider shall post a letter of credit acceptable to the City in the amount of 150% ~f the estimated costs based on the feasibility study. 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 owner or subdivider must reside on the property being developed andsuch property must have been classified for tax purposes as the owner or subdivtder's 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. The indi~idual 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 owner or subdivider as his homestead.