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-6 - <br /> <br />appl~cst~on for ~ certlflc~te of occupancy for an)' structures built on <br />a lot ~,~ch benefit ~y the ~?rovements, the ocuer of the lot shall <br />to the C~ty ~na~ce Department the principal balance of such assessment <br />re~nln~ unpaid, together w~th accrued lntere~t thereon. The e~cro~ <br /> <br />the or~lne] subdivider or o~v, er ~y gave co~veyed the <br />property. ?he escrow aaount may be redvced on a quarterly ba~ls to an <br />amount equal to the then outstanding balance of special assessments. <br /> <br />described in ~ect~on 170.039E shall be constructed and installed by the <br />developer in conformance ~flth C~ty Standards and per the scLe~ule <br />e~tablished by the Performance Contract requfred by Section 170.039G. <br /> <br />Stage II Improvements Escrow· A cash escrow or letter of credit equal <br />to one hundred twenty-five percent (125%) of the City Engineer's <br />estimated cost of the Stage I! improvements shall be deposited with the <br />City ~inanee Department. This escrow ahall be released only upon final <br />approval and acceptance by the City of aaid improvements. <br /> <br />-;$. ~h~ City viii not participate in the payment of improvement costs as <br /> ~,. npprova 1. <br /> <br />Requirements Waived. The City ~ounctl, in its discretion, may waive <br />~he foregoing requirements of this section if ~11 of the followin~ <br />conditions are ~et: <br /> <br />The owner or subdivider ~ust reside on the property being developed <br />and such property Rust have been classified for tax purposes as the <br />owner or subdivtder's homestead. <br /> <br />The division of the property must include the entire property, meet <br />the require~ents of the Zoning Code for division of property and <br />such division ~ust be achieved by an approved and recordable plat. <br /> <br />The individual parcels resulting from such a plat shall be for <br />single family residential use only and each such parcel shall be of <br />such size, configuration and topographical quality as to be c~pable <br />of accommodating s single familY residential structure. <br /> <br />The ludividual parcels resulting from auch a plat shall be mo ~ore <br />than five (5) in number, including any parcel retained by the o~ner <br />or subdivider as his homestead. <br /> <br />e. The requirements of this section relating to the platting of land <br /> shall be applicable to any such division of l~nds and properties. <br /> <br />f. Lands and properties abutting land and property being so divided <br /> shall themselves have previously been platted and divided, it being <br /> <br /> <br />