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Subd. 5. Lapse of Variance: Unless otherwise specified by the <br />Board of Adjustment and Appeals at the time it is authorized, a variance, shall <br />become null and void within one year after the final action of the Board of <br />Adjustment and Appeals if not initiated or utilized. The City shall notify the <br />variance holder of such a lapse of variance at time of issuance. A variance holder <br />may petition for an extension of time in which to complete or utilize the variance. <br />Such extension shall be requested in writing and filed with the City at least 30 <br />days before the expiration of the original variance. The request for extension shall <br />state facts showing a good faith attempt to complete or use the variance. Such <br />petition shall be presented to the Council for decision. <br /> <br /> Subd. 6. Performance Security:. <br /> <br /> a. Upon approval of a variance, the City shall be provided, where <br /> deemed necessary by the Board of Adjustment and Appeals, <br /> with a surety bond, cash escrow, certificate of deposit, securities, <br /> or cash deposit prior to the issuing of building permits or <br /> initiation of work on the proposed improvements or <br /> development. This security shall guarantee conformance and <br /> compliance with the conditions of the variance and City <br /> ordinance provisions. <br /> <br /> b. The security shall be in the amount equal to the City Engineer's <br /> or Building Official's estimated costs of labor and materials for <br /> the proposed improvements or development. <br /> <br /> c. The City shall hold the security until completion of the proposed <br /> improvements or development and a certificate of occupancy <br /> indicating compliance with the variance and City Code <br /> provisions has been issued by the Building Official. <br /> <br /> d. Failure to comply with the conditions of the variance or appeal <br /> and City Code provisions shall result in forfeiture of the security. <br /> <br /> e. Whenever a performance guarantee is imposed by the City, the <br /> applicant shall be required to enter into a performance <br /> agreement with the City. This agreement is to provide <br /> authorization to the City to utilize the posted security and <br /> complete stipulated work should the applicant fail to meet the <br /> terms and conditions of the permit. Said agreement shall hold <br /> harmless the City for completion of the work and address other <br /> matters as may be determined by the City Attorney. <br /> <br />Ord. 90-23 Final 11/13/90 Page 24 <br /> <br /> <br />