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period of five (5) years, together with interest. At the time of the <br />application for a certificate of occupancy for any structures built on <br />a lot which benefit by the improvements, the owner of the lot shall pay <br />to the City Finance Department the principal balance of such assessment <br />remaining unpaid, together with accrued interest thereon. The escrow <br />required in Paragraphs 3 and 4 above shall not be released even though <br />the original subdivider or owner may have conveyed the subject <br />property. The escrow amount may be reduced on a quarterly basis to an <br />amount equal to the then outstanding balance of special assessments. <br /> <br />Installation of Stage II Improvements. Stage II improvements as <br />described in Section 170.039B shall be constructed and installed by the <br />developer in conformance with City Standards and per the schedule <br />established by the Performance Contract required 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 II improvements shall be deposited with the <br />City Finance Department. This escrow shall be released only upon final <br />approval and acceptance by the City of said improvements. <br /> <br />The City will not participate in the payment of improvement costs as <br />described in this Section unless and until the City has on file a <br />certificate indicating that the proposed development has both FHA and <br />VA approval. <br /> <br />Requirements Waived. The City Council, in its discretion, may waive <br />the foregoing requirements of this section if all of the following <br />conditions are met: <br /> <br />The owner or subdivider must reside on the property being developed <br />and such property must have been classified for tax purposes as the <br />owner or subdivider's homestead. <br /> <br />be <br /> <br />The division of the property must include the entire property, meet <br />the requirements of the Zoning Code for division of property and <br />such division must 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 capable <br />of accommodating a single family residential structure. <br /> <br />The individual parcels resulting from such a plat shall be no more <br />than five (5) in number, including any parcel retained by the owner <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 lands 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 />