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The city shall have the authority to draw against or receive the proceeds of the bond or other security or insurance provided under this chapter to pay, or reimburse the city, for its demolition costs and costs incurred in enclosing the buildings for which the security or insurance was required.
The building commissioner shall relinquish any such bond or security whenever:
(1) The building has been demolished, repaired or enclosed by the owner or transferee and there is no longer a significant likelihood that the building will deteriorate substantially or require demolition within five years; or
(2) The building commissioner approves a plan submitted by the owner or proposed transferee for repairing, maintaining, enclosing or demolishing the building and the building commissioner determines that the owner or transferee is able and willing to carry out the plan.
(Added Coun. J. 3-26-93, p. 30292; Amend Coun. J. 3-5-03, p. 104990, § 16; Amend Coun. J. 11-13-07, p. 14999, Art. II, § 1)