Agenda - Council - 08/14/1984 - Laserfiche WebLink

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i i i I I I I I I I I I I I I I -6- period o~ five (5) yearl, together with Iht·Felt. At the t~ue Ot the application for a certificate of occupancy for any structures built on a lot which benefit by the improvements, the o~ner of the lot thall pay to the City Finance Department the principal balance of such assessment remaining unpaid, together with accrued interest thereon. ~e escrow required ~n ~ars~raphs 3 and 4 above sha~l not ~ re,eased even though tbs ori$~na~ subdivider or ~er ~y ~ve conveyed the sub,act property. ~e escr~ ~ount ~y ~ reduced ~ a quarterly ~sis to an a~ount equal to the then ~tstand~ng ~lance 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 Performance Contract required by Section 170.039G. Sta~e II Improvements Escrow. A cash escrow or letter of credit equal to one hundred twenty-five percent (125~) of the City Englneer*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 ~rlll 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. R~quirements Waived. The City Council, in its discretion, may ~aive the foregoing requirements of this section if all of the followin~ conditions are ~et: a. The ovner or subdivider ~st reside on the property bein~ developed and such property must have been classified for tax purposes as the o~ner or suhdivtder'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 wast be achieved by an approved and recordable plat. Ce The individual parcels l~sulting 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. de The individual parcels resulting from such a plat shall be no ~ore than five (5) in number, including any parcel retained by the ovner 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. Lauds and properties abutting land and property being so divided shall themselves have' previously been platted and divided, it being