14-3-3 ESCROW DEPOSITS FOR LOT IMPROVEMENTS

1. ACCEPTANCE OF ESCROW FUNDS. Whenever, by reason of the season of the year, any lot improvements required by the subdivision regulations cannot be performed, the Building and Zoning Inspector may, nevertheless, issue a certificate of occupancy, provided there is no danger to health, safety, or general welfare upon accepting a cash escrow deposit in an amount to be determined by the City Engineer for the cost of said improvements. The performance bond covering such lot improvements shall remain in full force and effect. 2. PROCEDURES ON ESCROW FUND. All required improvements for which escrow monies have been accepted by the Building and Zoning Inspector at the time of issuance of a certificate of occupancy shall be installed by the developer within a period of nine (9) months from the date of deposit and issuance of the certificate of occupancy. In the event that the improvements have not been properly installed, at the end of the time period the Building and Zoning Inspector shall give two (2) week's written notice to the developer requiring him to install same, and in the event that same are not installed properly in the discretion of the Building and Zoning Inspector, the Building and Zoning Inspector may request the City Council to authorize the City to proceed to contract out the work for the installation of the necessary improvements in a sum not to exceed the amount of the escrow deposit. At the time of the issuance of the certificate of occupancy for which escrow monies are being deposited with the Building and Zoning Inspector, the applicant shall obtain and file with the Building and Zoning Inspector prior to obtaining the certificate of occupancy a notarized statement from the purchaser or purchasers of the premises authorizing the Building and Zoning Inspector to install the improvements at the end of the nine-month period in the event that the same have not been duly installed by the developer.