§ 5.3. Escrow Deposits for Lot Improvements

5.3.1 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 Development Officer may 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 Manager for the cost of the lot improvements. The subdivision improvement agreement and security covering the lot improvements shall remain in full force and effect.

5.3.2 Procedures on Escrow Fund : All required improvements for which escrow moneys have been accepted by the Development Officer at the time of issuance of a certificate of occupancy shall be installed by the subdivider within a period of nine (9) months from the date of deposit and issuance of the certificate of occupancy. If the improvements have not been properly installed at the end of the time period, the Development Officer shall give two (2) weeks written notice to the developer requiring it to install the improvements, and if they are not then installed properly, the Development Officer may request the City Council 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 moneys are being deposited with the Development Officer, the developer shall obtain and file with the Development Officer prior to obtaining the certificate of occupancy a notarized statement from the purchaser or purchasers of the premises authorizing the Development Officer to install the improvements at the end of the nine-month period if the improvements have not been duly installed by the subdivider.

5.3.3 Maintenance of Improvements : The developer shall be required to maintain all required public improvements on the individual subdivided lots if required by the City Council, until acceptance of the improvements by the City Council. If there are any certificates of occupancy on a street not dedicated to the City of Santa Fe, the City may on twelve (12) hours notice effect emergency repairs and charge those costs to the developer. Following the acceptance of the dedication of any public improvement by the City of Santa Fe, the City may, in its sole discretion require the subdivider to maintain the improvement for a period of one (1) year from the date of acceptance.

(Ordinance No. 02-2010 of April 8, 2010, Secs. 17, 18)