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104 <br /> <br />ko <br /> <br />Dece~nber 2002 Draft <br /> <br />required in Paragraphs c. and d. above shall not be released even though the <br />original subdivider or owner may have conveyed the subject property. The <br />escrow amount may be reduced on a quarterly, basis to an amount equal to <br />the then outstanding balance of special assessments. <br /> . <br /> <br />Stage II Improvements Escrow. A cash desposit es~ow or <br />equal to 125% of the City Engineer's estimated cost of the ..9:_5~_5.0.. <br />improvements shall be deposited with the City Finance Department. 'This <br /> <br />Requirements Waived. The Council, in it's discretion., may waive the <br />foregoing requirements of this Section if all of the following conditions are <br />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 />The division of the property 'must include the entire property, meet the <br />requirements of the Zordng Code for division of property and such <br />division must be achieved'by an approved and recordable plat. <br /> <br />The individual parcels resulting fi.om such a plat shall be for single <br />family residential use only and each such parcel shall be of SUch size, <br />configuration and topographical quality as to be capable of <br />accommodating a. single family residential structure. <br /> <br />The individual parcels resulting from such a plat shall be no more than <br />five in number,, including any parcel retained by the owner or <br />subdivider as his. homestead. <br /> <br />The requirements of this Section relating to the platting of land shall <br />be applicable to any such division of lands and properties. <br /> <br />9-58 <br /> <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />! <br /> <br /> <br />