ZA2009-01 CHAPTER 8 CASH ESCROW DEPOSIT FOR LAND USE

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other costs as may be incurred in connection with the application and the supervision, inspection and investigation of the permitted activity. The deposit shall be held in the account and shall be credited to the applicant making the deposit. All engineering, legal, and other professional fees, and such other costs as may be incurred in connection with the application, may be charged to the applicant's deposit account and credited to the City. Sec. 8-840. Implementation of a Deposit Account. (1) The application shall not be accepted or processed by the City unless accompanied by a deposit as provided in this Article. (2) If at any time the balance of the deposit account is depleted to less than five percent of the originally required cash deposit amount, the applicant must deposit additional funds in the account as determined by the Community Development Director or designee, sufficient to cover all costs expected to be incurred by the City. (3) Any balance remaining in the deposit account upon completion of all conditions of approval and compliance with all ordinances of the City, must be returned to the depositor by the Finance Department after all claims and charges have been paid and after approval by City Council. (4) If all or a part of a development has been completed, inspected and accepted, all cash deposit monies for that portion accepted by the City may be reduced by the City and full or partial payment may be returned to the applicant. Upon acceptance of all items covered in the applicant's development contract, the City Council must return the unused cash deposit balance to the applicant. (5) The amount of the escrow deposit shall be approved by the City Council by resolution. This ordinance is effective the date following its publication. Adopted this day of , 2008. Steve Larson, Mayor Dean R Lotter, City Manager ATTEST: Daniel A. Maiers Director of Finance and Support Services/City Clerk 2